In a positive economic development, remittances from overseas Pakistanis saw a notable increase of 10 percent year-on-year (YoY), reaching $2.46 billion in October 2023. This surpasses the inflows of $2.24 billion recorded in the same month last year, marking the highest level of remittances since March 2023, as reported by Arif Habib Limited.
Remittances increased by 10% YoY to $ 2.5bn during Oct’23, highest since Mar’23
— Arif Habib Limited (@ArifHabibLtd) November 10, 2023
Remittances by overseas Pakistanis increased by 10% YoY to USD 2.5bn during Oct'23 compared to USD 2.2bn during Oct’22. On MoM basis, remittances also increased by 12% (Sep’23: USD 2.2bn).
During… pic.twitter.com/G0QEot0jdg
On a month-on-month basis, October 2023 witnessed an 11.5 percent increase in remittance inflows compared to September 2023, according to data released by the State Bank of Pakistan (SBP).
In Oct 2023, workers’ remittances recorded an inflow of US$2.5 billion, showing an increase of 11.5 percent over the previous month.
— SBP (@StateBank_Pak) November 10, 2023
For details see https://t.co/rPOvn9Dr8N https://t.co/7XBd4uOcHC #SBPRemittances pic.twitter.com/Tcv5Kggycf
A detailed breakdown of the figures reveals that the majority of remittances originated from Saudi Arabia, totaling $617 million, followed by the United Arab Emirates (UAE) at $474 million, the United Kingdom (UK) at $330 million, European Union (EU) countries at $298 million, and the United States (US) at $283 million.
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Year-on-year, inflows from Saudi Arabia increased by 6 percent, while those from the UAE and the US grew by 11 percent and 8 percent, respectively. Notably, remittances from EU countries exhibited a substantial increase of 28 percent, and those from the UK saw an 18 percent rise.
In the initial four months of the fiscal year 2023-24 (4MFY24), remittances totaled $8.79 billion, reflecting a 13 percent decrease compared to the $10.14 billion recorded in the same period of the preceding fiscal year.
This positive surge in remittances bodes well for Pakistan’s economic landscape, showcasing the resilience and support from the overseas Pakistani community.
