Pakistan received $2.4 billion in remittances from overseas workers in December 2023, marking a 5.4% month-on-month and a 13.4% year-on-year increase, according to the latest data from the State Bank of Pakistan (SBP).
As per SBP data, workers’ remittances were recorded at $2.25 billion in November and $2.1 billion in December 2022.
However, despite the rise in December, remittances declined by 6.8% year-on-year to $13.43 billion in the first half of the fiscal year 2023-24 (July-December), compared to $14.42 billion in the same period last year.
A country-wise breakdown indicates that Saudi Arabia remained the largest source of remittances, sending $577.6 million in December, up 6% month-on-month and 9% year-on-year.
The UAE followed with $419.2 million, a 2% monthly and 27% yearly increase. The UK sent $368 million, a 7.5% monthly and 19% yearly increase. The EU contributed $284.9 million, a 6% monthly and 19% yearly increase. The US also showed an 8.5% yearly increase, sending $263.9 million in December.
The World Bank has projected that remittances to Pakistan will drop to $24 billion in 2023 and further to below $22 billion in 2024, due to the economic crisis and the loss of public confidence in the formal channels of money transfer.
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TRUE STORY ABOUT MY FAILED INVESTMENT.
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Initially, the proposal appeared promising, offering potential returns on investment. However, skepticism crept in as a friend cautioned me about the suspicious nature of the proposal. Despite their warning, I brushed aside their concerns and proceeded with the offer, believing there was no harm in trying something new.
As time progressed, my initial optimism soured into disappointment and frustration. When the time came to retrieve my profits, I encountered an unexpected obstacle – I was unable to access my account. It became apparent that I had fallen victim to a scam, with the website serving as a mere facade for fraudulent activities. Despite having invested a substantial sum totalling $1.7 million, comprising an initial investment of $720k and an expected return of $900k+, I found myself locked out without recourse. I reachedFaced with the daunting prospect of forfeiting a significant sum, I sought alternative avenues for assistance. It was then that I stumbled upon a Crypto recovery firm operating on Telegram under the handle @KNIGHTHOODBOT9. With little to lose and everything to gain, I decided to enlist their services.
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As the profits started rolling in steadily, my wife and I deliberated on expanding our investment for even greater returns. With her encouragement, we decided to upgrade to the platinum plan, committing $109,000 in anticipation of sizable profits within the customary two-week period. However, our optimism was short-lived when our attempts to withdraw profits were thwarted by unexpected obstacles.
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Following the successful recovery, the Financial advisor overseeing my trades contacted me via WhatsApp. She probed me with various questions about my investments, hinting that she noticed my fund withdrawal despite their attempts to freeze it. Despite playing along for a while, her persistent demands for outstanding payments before allowing withdrawals grew tiresome, prompting me to move on from their deceitful tactics.
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