Remittances from Saudi Arabia fall significantly

Islamabad: The remittances of Pakistanis working in Saudi Arabia have recorded an annual growth of 9% during December, however the volume of remittances from Saudi Arabia decreased by 9% in the first six months of the current financial year.

According to the data released by the State Bank of Pakistan (SBP), Pakistanis working in Saudi Arabia sent 578 million dollars in foreign exchange to the country in December, which is 9% more than in December 2022.

According to the data, earlier in December 2022, Pakistanis working in Saudi Arabia sent foreign exchange worth 530 million dollars to the country.

Compared to November, the remittances of Pakistanis working in Saudi Arabia recorded a growth of 09 percent on a monthly basis in December. While in November, Pakistanis working in Saudi Arabia remitted $544 million to the country, which increased to $578 million in December.

In the first six months of the current financial year, the volume of remittances from Saudi Arabia was recorded at 3.254 billion dollars, which is 9% less compared to the same period of the previous financial year.

In the same period of the last financial year, the volume of remittances from Saudi Arabia was recorded at 3.571 billion dollars.

It is pertinent to note that in the first six months of the financial year, the total remittance volume of overseas Pakistanis has been recorded at 13.435 billion dollars, which was 14.418 billion dollars in the same period of the previous financial year.