Remittances sent by overseas Pakistanis declined by 8.6 percent to $2.25 billion in November 2023 compared to inflows of $2.46 billion registered in October 2023, according to the data on remittances released by the State Bank of Pakistan (SBP) on Friday.
However, on a year-on-year basis, the inflows in November 2023 increased by 3.5 percent over inflows of $2.17 billion registered in November 2022.
A breakdown of the numbers shows that the highest inflows were registered from Saudi Arabia, coming in at $540 million, followed by the United Arab Emirates (UAE) at $409 million, the United Kingdom (UK) at $341.7 million, European Union (EU) countries at $268 million, and the United States (US) at $261.5 million.
During the first five months (July-November) of the fiscal year 2023-24 (5MFY24), remittances stood at $11.04 billion, down 10 percent compared to remittances of $12.31 billion registered in the same period of the previous fiscal year. Moreover, remittances were down nearly 17 percent in 5MFY24 when compared to the same period of FY22.
Remittances not decreased, people start getting good rates again from hundi/hawala because of manipulation going on from weeks.