Islamabad, Mar 11 (IANS): Remittances sent by overseas Pakistani workers increased by 4.9 per cent in February on a month-on-month basis, the central bank said.

The workers' remittances recorded an inflow of $1.987 billion in February as compared to the previous month's figure of $1.894 billion, the State Bank of Pakistan (SBP) said based on its official data.

The SBP added that the remittances decreased by 9.5 per cent on a year-on-year basis.

With a cumulative inflow of $17.994 billion during the July-February period in the fiscal year of 2023, the remittances decreased by 10.8 per cent as compared to the same period last year, the figures showed.

Last month, the remittances mainly came from Saudi Arabia with $454.6 million, the United Arab Emirates with $324 million, Britain with $317 million, and the US with $219.4 million, according to the bank.

Workers' remittances play an important role in Pakistan's economy as they are one of the major sources of foreign exchange.