Remittances fall in first half of current financial year

Karachi: The State Bank of Pakistan (SBP) released the details of remittances coming from abroad.

According to the State Bank, Pakistanis living abroad sent 2.380 billion dollars in December, of which Pakistanis living in Saudi Arabia sent 577.6 million dollars in December, 3.25 billion dollars were received from Saudi Arabia in six months.

While people from UAE in December sent 41.92 million dollars to Pakistan, 36 million dollars from the United Kingdom, $28 million from the European Union and $26 million from the United States.

The State Bank stated  that in the first half of the current fiscal year, 13.43 billion dollars were received, while in the first half of the fiscal year 2023, workers' remittances were 14.41 billion dollars.

According to the State Bank, in the first half of this fiscal year, workers' remittances were 6.8% lower, the average monthly workers' remittances from July to December were 2.23 billion dollars.

The State Bank added that workers' remittances from Saudi Arabia fell by 8.9%, from the UAE decreased by 11% to settle at $2.32 billion in six months.