KARACHI: State Bank of Pakistan said on Friday that at US$2.3 billion in May 2022, workers’ remittances continued to remain above the $2 billion mark since June 2020.

In terms of growth, remittances decreased by 25.4 percent on m/m basis and 6.9 percent on y/y basis, largely reflecting the usual seasonal post Eid decline and associated long holiday.

Cumulatively, at $28.4 billion, remittances have grown by 6.3 percent (y/y) during the first 11 months of FY22.

Remittances in May 2022 were mainly sourced from Saudi Arabia ($542 million), United Arab Emirates ($435 million), United Kingdom ($354 million) and the United States of America ($233 million).