Karachi, Pakistan experienced a decrease in workers’ remittances in November 2023, with a total inflow of US$2.3 billion. The month-on-month comparison shows an 8.6 percent decline, while there was a 3.6 percent increase on a year-on-year basis. The total remittances in the first five months of the fiscal year 2024 reached US$11 billion.
According to State Bank of Pakistan, the main sources of remittances in November 2023 were Saudi Arabia, contributing $540.3 million, followed by the United Arab Emirates with $409.4 million, the United Kingdom with $341.7 million, and the United States of America with $261.5 million. The figures highlight the significant role of remittances in Pakistan’s economy, with contributions from expatriate workers across various countries.