Remittances increased by 4% YoY to $2.3 billion in November 2023

BusinessRemittances increased by 4% YoY to $2.3 billion in November 2023

ISLAMABAD, Pakistan: The remittances sent by Overseas Pakistanis increased by 4 percent Year on Year (YoY) to US$ 2.3 billion during November 2023 compared to US$ 2.2 billion during November 2022.

However, on month-on-month (MoM) basis, the remittances fell by 9 percent.

   

The latest statistics released by the State Bank of Pakistan showed that the Overseas Workers sent remittances amounting to US$ 2,250.5 million in November 2023 against US$ 2,463.1 million of the previous month (October 2023).

The remittances in the first five months of the Fiscal Year 2024 (July-November) went down by 10 percent to US$ 11,045.2 million as compared to US$ 12,317.9 million in the FY 2023.

Share of remittances in November 2023 from the United States remained US$ 261.5 million, United Kingdom US$ 341.7 million, Saudi Arabia US$ 540.3 million, the United Arab Emirates (UAE) US$ 409.4 million, other GCC Countries US$ 242.5 million, and EU Countries US$ 268.3 million.

During the period, US$ 8.9 million were received in remittances from Malaysia, US$ 7.7 million from Norway, US$ 3.8 million from Switzerland, US$ 53.0 million from Australia, US$ 35.5 million from Canada, US$ 4.2 million from Japan, US$ 14.1 million from South Africa, US$ 8.7 million from South Korea, US$ 50.8 million from other Countries.

Mati
Mati
Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

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