The overseas workers’ remittances posted a decline of 11.1 percent during first half (Jul-Dec) of fiscal year 2022-23 as the remittances fell from $15.8 billion in first half of FY22 to $14.02 billion in the period under review. On year-on-year basis, the overseas workers’ remittances recorded an inflow of US$2.04 billion in December 2022, posting a decrease of 19 percent as compared with the previous month’s inflow of $2.5 billion. On month-on-month basis, the remittances in December 2022 also witnessed a decline of 3.2 percent when compared with the inflow of $2.1 billion recorded in November 2022. According to a recent data released by State Bank of Pakistan (SBP) on Friday, remittances’ inflows during December, 2022 were mainly sourced from Saudi Arabia ($516.3 million), United Arab Emirates ($328.7 million), United Kingdom ($314.2 million) and United States of America ($230.5 million). During the corresponding month, the overseas Pakistanis living in Bahrain sent $32.6 million, from Kuwait $60.4 million, from Qatar $72.2 million whereas $73.2 million were dispatched from Oman. Similarly the inflows from Germany, France, The Netherlands, Spain, Italy, Greece, Sweden, Denmark, Belgium, and Ireland were recorded at $37.6 million, $33.9 million, $3.9 million, $36.7 million, $64.8 million, $28.3 million, $5.9 million, $6.1 million, $7.2 million and $8.9 million respectively. Likewise, from Malaysia, Norway, Switzerland, Australia, Canada, and Japan, the workers dispatched $7.3 million, $7.9 million, $3.6 million, $46.6 million, $35.7 million, and $21.1 million respectively. Remittances from South Africa during the month under review stood at $17 million while that from South Korea stood at $7.9 million. Similarly $47.7 million were received from other countries.Inflows from the United Arab Emirates declined 27% to $328.7 million from $453.2 million in December 2021, according to the central bank. Pakistan’s central bank forex reserves have plunged to the lowest level since February 2014 after a decline of 22.11%, posing a serious challenge for the country in financing imports. The announcement came at a time when the country is in dire need of foreign aid to reduce its current account deficit as well as ensure enough reserves to meet its debt obligations. Coupled with another $5.8 billion held by commercial banks, the nation has $10.2 billion in reserves – which barely covers three weeks of imports. During the week ended on January 6, the central bank’s forex reserves fell $1,233 million, or 22.12% to $4,343.2 million, a statement from the central bank said, down from last week’s reserves of $5,576.5 million. Pakistan’s economy has crumbled alongside a simmering political crisis, with the rupee plummeting and inflation at decades-high levels, but devastating floods and a global energy crisis have worsened the situation. Despite recent compression measures by the government, Pakistan’s import bill for goods was $5.1 billion per month in both November and December, according to the country’s statistics bureau. Its main imports are critical energy-related fuels.