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Inflow of overseas workers’ remittances clocked in at $2.5 billion in October 2023, 11.5% higher on a month-on-month basis when compared to $2.2 billion in September 2023, showed data released on Friday by the State Bank of Pakistan (SBP).

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

Home remittances play a significant role in supporting the country’s external account, stimulating Pakistan’s economic activity as well as supplementing disposable incomes of remittance-dependent households.

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

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

Breakdown of remittances

Overseas Pakistanis in Saudi Arabia remitted the largest amount in October 2023 as they sent $616.8 million during the month. The amount improved by 15% on a monthly basis, and was nearly 6% up than the $582.5 million sent by the expatriates in the same month of the previous year.

Inflows from the United Arab Emirates (UAE) saw a significant jump of 19% on a monthly basis, from $399.8 million in September to $473.9 million in October. On a yearly basis, remittances improved by 11%, as compared to $426.1 million reported in same month last year.

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

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

Comments

200 characters
Muhammad Kashif Nov 10, 2023 04:08pm
The previous governments of Imran Khan and Shehbaz Sharif were absolutely failed to curb the evils of dollar smuggling and hoarding. But truly speaking, the current caretaker government has been taking concrete steps to curbing the smuggling and black-market of dollars in Pakistan.
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Az_Iz Nov 10, 2023 05:44pm
The crackdown on illegal currency activities is a big factor, for the improvement in remittances. The government deserves a lot of credit.
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Tulukan Mairandi Nov 10, 2023 06:25pm
Looks like Nawaz money is flowing in
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Mohammad Anwar Nov 11, 2023 01:59am
Pakistan has only source of overseas Pakistani remittance and no other source.
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