Remittances sent by overseas Pakistanis increased by 10 percent year-on-year (YoY) to $2.46 billion in October 2023 compared to inflows of $2.24 billion in the same month last year.
This is the highest level of remittances since March 2023, according to Arif Habib Limited.
Remittances increased by 10% YoY to $ 2.5bn during Oct’23, highest since Mar’23
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
— Arif Habib Limited (@ArifHabibLtd) November 10, 2023
On a month-on-month basis, the inflows in October 2023 increased by 11.5 percent over September 2023, according to the data on remittances 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.
For details see https://t.co/rPOvn9Dr8N https://t.co/7XBd4uOcHC #SBPRemittances pic.twitter.com/Tcv5Kggycf— SBP (@StateBank_Pak) November 10, 2023
A breakdown of the numbers shows that the highest inflows were registered from Saudi Arabia, coming in at $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.
The inflows from Saudi Arabia were up 6 percent YoY, while the inflows from UAE, and the US were up by 11 percent YoY and 8 percent YoY, respectively.
Inflows from European Union (EU) countries registered an increase of 28 percent while remittances from the UK increased by 18 percent.
During the first four months of the fiscal year 2023-24 (4MFY24), remittances stood at $8.79 billion, down 13 percent compared to remittances of $10.14 billion registered in SPLY.
Thanks to PTI and Imran Khan. People are fully trusting the PTI government..