Remittances sent home by overseas Pakistanis declined on a monthly basis in April amid ongoing tensions in the Middle East, according to data released by the State Bank of Pakistan.
Overseas Pakistanis sent $3.5 billion in April, compared with $3.83 billion in March.
According to the State Bank, workers’ remittances recorded an 8% monthly decline in April. The decrease came as inflows from major source countries, including Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States, fell during the month.
The central bank said remittances from the US, UK, Saudi Arabia, UAE and other Gulf countries declined between 4% and 11%.
Annual growth remains positive
Despite the monthly decline, remittances increased by 11% on a yearly basis. The State Bank said Pakistan received $33.86 billion in remittances during the first 10 months of the current fiscal year.
This is 8% higher than the same period of the previous fiscal year.
Saudi Arabia remains top source
Saudi Arabia remained the largest source of remittances in April. Overseas Pakistanis in Saudi Arabia sent around $840 million during the month.
Pakistanis living in the UAE sent $730 million, while remittances from the UK stood at $560 million.
Pakistanis living in the United States sent $320 million in foreign exchange in April. The State Bank data showed a record monthly decline in inflows from Saudi Arabia, the UAE, the UK and the US.
Officials linked the drop to uncertainty caused by ongoing tensions in the Middle East.
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