ISLAMABAD, Jan 14 (NNN-APP) – Remittances sent by overseas Pakistani workers, decreased by 3.2 percent in Dec, on a month-on-month basis, the State Bank of Pakistan said yesterday.
The workers’ remittances recorded an inflow of 2.0 billion U.S. dollars in Dec, as compared to the previous month’s figure of 2.1 billion dollars, the central bank said, adding that, it decreased by 19 percent on a year-on-year basis.
With a cumulative inflow of 14.1 billion dollars during the Jul-Dec period, in the fiscal year of 2023, the remittances decreased by 11.1 percent, as compared to the same period last year, the figures showed.
In Dec, the remittances mainly came from Saudi Arabia with 516.3 million dollars, the United Arab Emirates with 328.7 million dollars, Britain with 314.2 million dollars, and the United States with 230.5 million dollars, according to the bank.
Workers’ remittances have recently witnessed a downward trend, with Pakistani economic experts believing that, the slower pace of adoption of digital remittance services, the moderation of oil prices and the stabilisation of the Pakistani rupee, which has possibly brought down incentives to remit back, are the reasons behind the decline of remittances.– NNN-APP
