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Remittances to Pakistan from Saudi Arabia and UAE reach $6.5bn

Saudi National Bank and Al Rajhi Bank have recommended dividends of 9% and 11.5% respectively for the second half of 2023 Reuters/Mohamed Abd El Ghany
Saudi National Bank and Al Rajhi Bank have recommended dividends of 9% and 11.5% respectively for the second half of 2023

Total remittances from Saudi Arabia and the UAE to Pakistan reached $6.5 billion between July 2023 and January 2024, a Pakistani local daily reported.

Saudi Arabia led the list of nations with remittance inflows to Pakistan, reaching nearly $4 billion in the first seven months of fiscal year 2024, Dawn news outlet reported, citing State Bank of Pakistan data.

While Riyadh accounted for almost 29 percent of the total $16 billion received by the South Asian nation during the period, remittances from Riyadh were down 3.5 percent over the period.

Remittances from the UAE fell by 5 percent year on year to nearly $3 billion.

Inflows from the UK were just above $2 billion, rising by 1 percent. In the US it was $2 billion, up by almost 2 percent.

During the seven months, remittances from the European Union amounted to nearly $2 billion, while GCC states transferred about a third less, the first time the EU bloc overtook the Gulf states.

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