Karachi: Inflow of overseas workers’ remittances clocked in at $ 2.5 billion in October 2023, 11.5 percent higher on month-on-month basis when compared to $ 2.2 billion in September 2023, showed data released by State Bank of Pakistan.

On yearly basis, monthly inflow registered an increase of 9.6 percent as compared to remittances registered in same month of previous year, data showed.

Experts attributed latest increase in remittance inflows to an improvement in exchange rate amid crackdown against currency smugglers and hoarders, which led to reduction of rate gap between open and inter-bank markets.

However, workers’ remittances inflow of $ 8.8 billion has been recorded during July-October FY24, decline of over 13 percent YoY or $ 1.56 billion as compared to $ 10.14 billion registered in 4MFY23.

Overseas Pakistanis in Saudi Arabia remitted largest amount in October 2023 as they sent $ 616.8 million during month. United Arab Emirates saw significant jump of 19 percent on monthly basis, from $ 399.8 million in September to $ 473.9 million in October. On yearly basis, remittances improved by 11 percent, as compared to $ 426.1 million reported in same month last year.

Remittances from United Kingdom amounted to $ 330.2 million during month, an increase of 6 percent compared to $ 311.3 million in September 2023.

Meanwhile, remittances from European Union jumped 28 percent year-on-year as they amounted to $ 297.5 million in October 2023. Overseas Pakistanis in US sent $ 283.3 million in October 2023, year-on-year increase of 8 percent.

Published in The Daily National Courier, November, 11 2023

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