Islamabad: Pakistan witnessed a substantial 11.5 percent increase in remittances in October, according to the State Bank of Pakistan (SBP) report on Friday. The surge was particularly noteworthy, attributing it to a month-on-month rise. The official data revealed that Pakistani expatriates remitted a total of $2.2 billion in September, and this figure escalated by $300 million in October, reaching a significant total of $2.5 billion.
The SBP emphasized the notable growth, stating, “Workers’ remittances recorded an inflow of $2.5 billion during Oct ‘23,” with a month-on-month increase of 11.5 percent and a year-on-year growth of 9.6 percent.
Leading the contributors to this surge was Saudi Arabia, contributing $616.8 million, followed by the United Arab Emirates at $473.9 million, the United Kingdom at $330.2 million, and the United States at $283.3 million. The enduring cultural, defense, and economic ties between Pakistan and Saudi Arabia were underscored as pivotal in solidifying the kingdom’s role as the primary contributor to remittance inflows.
Remittances play a critical role in shoring up Pakistan’s external account, especially amid the ongoing economic crisis marked by currency depreciation and a decline in foreign exchange reserves. The SBP disclosed recorded inflows of $8.8 billion in the first four months of the fiscal year, which began on July 1.
To aid overseas Pakistanis in tracking their remittances, various banks in Pakistan, such as UBL with its remittance tracking system and HBL with its remittance tracker, provide services. Simultaneously, the Overseas Pakistani Foundation, serving as the government’s extended arm, works to ensure the welfare of expatriates by generating sufficient resources locally and coordinating with relevant stakeholders at home.
