Workers’ remittances fall 25% in May

KARACHI: The inflows of workers’ remittances fell 25 per cent a month-on-month basis to clock-in at $2.3 billion in May, the State Bank of Pakistan (SBP) said on Friday.

The workers’ remittances have continued to remain above the $2 billion mark since June 2020.

In terms of growth, the remittances decreased 25.4 per cent on a month-on-month basis and 6.9 per cent on a year-on-year basis, largely reflecting the usual seasonal post Eid decline and associated long holidays, the central bank said.

Cumulatively, the remittances have grown 6.3 per cent on a year-on-year basis to $28.4 billion, during the first 11 months of fiscal year 2022.

Remittances in May 2022 were mainly sourced from Saudi Arabia with $542 million, United Arab Emirates $435 million, United Kingdom $354 million and the US $233 million.