Monthly Remittances Dip, Annual Growth Remains
Overseas Pakistanis sent home $3.2 billion in November, according to data released by the State Bank of Pakistan.
While monthly remittances fell, annual inflows continued to show strong growth, reflecting confidence supported by a stable exchange rate.
The SBP reported a 6.7% month-on-month decline in remittances, which experts attributed to fewer dollars arriving from Gulf countries.
Pakistanis working in Saudi Arabia sent $750 million, marking a 10% drop compared to October.
Remittances from the United Arab Emirates fell 4%, while inflows from Oman plunged 22% on a monthly basis.
Read More: Gold Falls Sharply Across Pakistan Markets
Country-wise remittances in November
- Saudi Arabia: $750 million
- UAE: $675 million
- United Kingdom: $480 million
- United States: $280 million
Year-on-year, remittances rose by 9.4% compared to November last year, supported by currency stability and increased use of formal channels.
The SBP confirmed that total remittances during the first five months of the current fiscal year reached $16.14 billion, a 9.3% annual increase.
Economists said the positive annual trend is mainly due to a more stable exchange rate, encouraging overseas Pakistanis to send money through official channels.
Monthly fluctuations are common, but the broader outlook for remittance inflows continues to remain optimistic.
