Remittances down 19% in December

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Remittances sent home by overseas Pakistani workers fell 19% to $2 billion in December 2022 compared to $2.52 billion in the same month of 2021, latest numbers showed Friday, which analysts attributed to a rise of unofficial money-transfer channels and world economic slowdown.

The remittances received during the July-December period of FY23 fell 11% to $14.052 billion from $15.807 billion in the first half of FY22, the State Bank of Pakistan (SBP) said.

Month-on-month, the inflows sent home by the Pakistani diaspora working abroad decreased by 3.2% to $ 2.108 billion in November 2022.