KARACHI: Pakistan Remittances fell 2.79 per cent to $15.59 billion in the first 10 months of the current fiscal year, the State Bank of Pakistan (SBP) reported on Wednesday.

The current flow of remittances is insufficient to bridge the widening trade deficit, which is now higher than the country’s export proceeds.

Pakistan received remittances amounting to $16.04bn in July-April of the preceding fiscal year.

Although remittances registered a decline during the 10 months, they are said to be higher than what many analysts expected. They feared a drastic drop in remittances due to a precarious political and economic situation in the Middle East.