Home remittances continue to fall. In the first five months of this fiscal year (July-November 2022), inflows of remittances totalled about $12.009 billion, down from $13.287bn in July-November 2021, according to the State Bank of Pakistan. There are several reasons for this decline of 9.6 per cent, two cyclical and one structural. Inflows through illegal channels (Hundi/Havala) and smuggling o