ISLAMABAD: Remittances to Pakistan increased by 6.7 per cent in the month of October, said the latest report by the State Bank of Pakistan (SBP). Last month, $3.1 billion were received as remittances, which is 23.9 per cent higher as compared to the same time period last year.
Rising remittances signal better strength for the country’s reserves, as well as a positive impetus for the overall economy. According to SBP data, most remittances came from Saudi Arabia, United Arab Emirates (UAE), the United Kingdom (UK), and the United States (US).
With October’s figures, the total remittances received in the first four months of the current fiscal year amount to $11.8 billion. This is up from $8.8 billion received during July to October 2023, showing 34.7 per cent increase.
The central bank attributes this increase to the formalisation of remittance channels, as well as favorable exchange rates for Pakistani’s working abroad and sending remittances home.
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