Overseas Pakistanis sent home $3.2 billion in November, according to new data released by the State Bank of Pakistan (SBP).
While monthly remittances dipped, annual inflows continued to show strong growth, reflecting confidence supported by a stable exchange rate.
The SBP reported a 6.7% month-on-month decrease in remittances, with experts attributing the drop to fewer dollars arriving from Gulf countries. In November, Pakistanis working in Saudi Arabia sent $750 million, reflecting a 10% monthly decline.
Remittances from the United Arab Emirates fell 4%, while inflows from Oman plunged 22% on a monthly basis.
Breakdown of country-wise remittances
Despite the slowdown from Gulf states, overall inflows remained substantial:
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UAE: $675 million
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United Kingdom: $480 million
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United States: $280 million
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Saudi Arabia: $750 million
Experts note that while November saw reduced remittances from key labour markets, the overall upward momentum on a yearly basis is intact.
Annual remittance growth remains strong
Compared to November last year, remittances increased by 9.4%, supported by currency stability and improved formal channel usage.
The SBP confirmed that total remittances during the first five months of the current fiscal year reached $16.14 billion, marking a 9.3% annual increase.
Stable exchange rate
Economists say the positive year-on-year trend is largely the result of a more stable exchange rate, which has encouraged overseas Pakistanis to send money through official banking channels.
They added that while monthly fluctuations are common, the broader outlook for remittance inflows remains optimistic.
