Raza Khan

The remittances sent by Pakistanis living in European Union (EU) countries showed a decline of 8% in November against the same month of last year, WealthPK reports. According to the data of the State Bank of Pakistan (SBP), remittances from EU countries dropped to $245.4 million in November from $266.7 million during the same month of last year. However, an increase of 5.45% was recorded in remittances from EU countries in November on a month-on-month basis as Pakistan received $232.7 million in October.

Overall remittances during the first five months of the current fiscal from EU countries declined by 10.5% as compared to the corresponding period of the previous financial year. According to the data of SBP, remittances from EU countries during the first five months of the current fiscal dropped to $1.306 billion from $1.460 billion in the same period of the previous year.

A decline of 9.6% was also witnessed in remittances during the first five months of the current financial year as the amount dropped to $12.008 billion from $13.286 billion during the corresponding period of the previous fiscal. According to the data, the remittances sent by Pakistanis from Italy showed a slight decline of 0.45% during November and dipped to $66 million from $66.3 million in the same month of the last year.

Similarly, remittances from France decreased by 14.25% and dropped to $34.3 million against $40 million recorded in November 2021. The remittances sent by Pakistanis from Germany also dropped to $39.1 million in November 2022 from $39.4 million during the same month of 2021. The Pakistanis living in Spain also sent 3.06% less amount back home in November than the amount sent by them in the same month of last year. Remittances from Spain dipped to $37.9 million during November against $39.1 million in the same month of the previous year.

Remittances from Ireland, Belgium, Greece, and the Netherlands also posted negative growth during the month under review. Apart from EU countries, remittances from the United Kingdom also dropped by 4.65% during November and fell to $299.1 million from $313.7 million during the same month of last year. With an amount of $498 million, Saudi Arabia remained Pakistan’s largest source of remittances in the month under review. However, a decline of 20% was also recorded in remittances from the Kingdom.

Remittances from the United Arab Emirates also dropped by 20.47% during the month under review and dipped to $377.8 million from $475.1 million. Pakistani diaspora in the United States sent home $229.4 million in November against $244.4 million during the same month of 2021, showing a decline of 6.13%.

Pakistan received $3.361 billion as remittances in the last fiscal from EU countries, witnessing an increase of 23.2% as compared to $2.7286 billion received in the financial year 2020-21. Italy remained Pakistan’s largest source of remittances among EU countries during the previous fiscal with an amount of $856.7 million, followed by Spain and Germany. However, Saudi Arabia remained Pakistan’s largest source of workers’ remittances in 2021-22 with a volume of $7.7433 billion, followed by UAE with an amount of $5.8418 billion, according to the data available with WealthPK.

Credit : Independent News Pakistan-WealthPk