Remittances of Pakistanis working in Saudi Arabia increase by 6%

Islamabad: The remittances of Pakistanis working in Saudi Arabia Monday recorded a growth of 6% on annual basis during November.

According to State Bank of Pakistan (SBP) data, Pakistanis working in Saudi Arabia remitted $540 million in foreign exchange to the country in November 2023, which is six percent more than the same period of the previous fiscal year.

During the same period of last financial year, Pakistanis working in Saudi Arabia sent 512 million dollars in foreign exchange to the country.

Compared to October, remittances from Saudi Arabia in November recorded a 12% decrease on a monthly basis. The volume of remittances from Saudi Arabia in October was recorded at 617 million dollars, which decreased to 540 million dollars in November.

In the first five months of the current financial year, Pakistanis working in Saudi Arabia sent a total of 2.673 billion dollars in foreign exchange to the country. In the same period of the previous financial year, Pakistanis working in Saudi Arabia sent foreign exchange to the country of 3.041 million dollars.

It is pertinent to note that in the first five months of the current fiscal year, the total remittance volume of overseas Pakistanis has been recorded at 11.045 billion dollars, which is 10 percent less than the same period of the previous fiscal year.

In the same period of last financial year, overseas Pakistanis sent 12.318 billion dollars in foreign exchange to the country.