Pakistan government faces a setback on overseas remittances
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In November, overseas Pakistanis sent foreign exchange amounting to $2.25 billion, reflecting a 3.6% decrease compared to the corresponding month last year.
During the initial five months of the current financial year, the total financial volume of workers' remittances reached $11 billion. In contrast, the remittance figure for the same period in the previous year stood higher at $12.3 billion.
Specifically, in November, remittances from various countries included $540 million from Saudi Arabia, $409.36 million from the UAE, $341.68 million from the UK, and $261.47 million from the USA, according to data from the State Bank of Pakistan.
Comparatively, a State Bank report indicates that in the first five months of the preceding fiscal year, remittances from key sources were $512 million from Saudi Arabia, $380.4 million from the UAE, $306.8 million from the UK, and $242.8 million from the USA.
