The overseas workers’ remittances recorded a decline of 22% during the first two months of the fiscal year 2024, Business Recorder reported on Monday.

The country received $4.12 billion in the July-August period in the current fiscal year compared with $5.25 billion in the same period of fiscal year 2023 showing a significant decline of $1.13 billion or 21.6%, according to the State Bank of Pakistan.

Remittance inflows from expatriates in all major countries declined as remittances from Saudi Arabia fell 23% to $977 million in the first two months of this fiscal year. During the period under review, inflows from the US declined by 7.6% to $504 million and the UK dropped by 18% to $638 million.

The remittances by overseas Pakistanis from the United Arab Emirates clocked in at $623 million, down by 37.4% during the period under review.

On a month-on-month basis, growth home remittances increased by 3.1% or $70 million in August 2023 compared with July 2023. Similarly, workers’ remittances recorded an inflow of $2.1 billion in August compared with $2.03 billion in the previous month.

On a yearly basis, the monthly inflow of remittances dipped by 24% in August compared to the same month of last year, in which Pakistan received $2.74 billion in home remittances.

Remittances were mainly sourced from Saudi Arabia worth $490.1 million, UK $331.3 million, UAE $ 308.0 million and US $262.4 million.

Pakistan received the highest ever remittances $31.27 billion in fiscal year 2022 and with a decline of 13% remittances inflows stood at $27 billion in fiscal year 2023.