Pakistan Witnesses Surge in October Remittances, Reaching $2.5 Billion, Up by 11.5% Monthly
In October 2023, Pakistan experienced a notable surge in overseas workers' remittances, totaling $2.5 billion, marking an 11.5% increase compared to the previous month's $2.2 billion, as per data released by the State Bank of Pakistan (SBP) on Friday.
Business Recorder 
Yearly comparisons revealed a significant 9.6% rise in monthly remittance inflows, strengthening the role of home remittances in supporting the nation's external accounts and boosting economic activity while contributing to the incomes of remittance-dependent households.
Experts attribute this upswing to an improved exchange rate, a result of stringent measures against currency smugglers and hoarders, narrowing the rate gap between the open and inter-bank markets.
Despite this positive monthly trend, the cumulative workers' remittances for July-October FY24 amounted to $8.8 billion, indicating a YoY decline of over 13% or $1.56 billion, compared to the $10.14 billion recorded in 4MFY23.
- Saudi Arabia: Overseas Pakistanis in Saudi Arabia led the remittance flow in October 2023, sending $616.8 million, marking a 15% monthly increase and almost 6% higher than the corresponding month the previous year.
- United Arab Emirates (UAE): Remittances from the UAE witnessed a significant 19% monthly increase, rising from $399.8 million in September to $473.9 million in October. On a yearly basis, remittances improved by 11%.
- United Kingdom: Remittances from the UK amounted to $330.2 million, reflecting a 6% increase compared to September 2023.
- European Union: Remittances from the European Union surged by 28% year-on-year, totaling $297.5 million in October 2023.
- United States: Overseas Pakistanis in the US sent $283.3 million in October 2023, marking an 8% year-on-year increase.
