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November Witnesses an Over 8% Drop in Remittances to $2.25 Billion

Explore the latest economic update: Remittances experienced an 8% decline, reaching $2.25 billion in November.  November Witnesses an Over 8% Drop in Remittances.

November Witnesses an Over 8% Drop in Remittances to $2.25 Billion

In November 2023, the money sent by Pakistanis living in other countries decreased by 8.6%. It was $2.25 billion, less than the $2.46 billion received in October 2023. This information comes from the State Bank of Pakistan’s data released on Friday.

But, if we compare it to November 2022, there was a 3.5% increase in the money received from overseas Pakistanis in November 2023. In November 2022, it was $2.17 billion.

Here’s where the money came from:

Here's where the money came from:

  1. Saudi Arabia: $540 million
  2. United Arab Emirates (UAE): $409 million
  3. United Kingdom (UK): $341.7 million
  4. European Union (EU) countries: $268 million
  5. United States (US): $261.5 million

In the first five months (July-November) of the fiscal year 2023-24, the total money received (remittances) was $11.04 billion. This is 10% less than the $12.31 billion received in the same period of the previous fiscal year. Also, it’s almost 17% less than the same period in FY22. November Witnesses an Over 8% Drop in Remittances.

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