ISLAMABAD: Remittances sent by Pakistani workers abroad increased by 11.5 percent on a month-on-month basis in October, the Pakistani central bank said on Friday.
According to official figures shared by the State Bank of Pakistan (SBP), Pakistani expatriates sent a total of $2.2 billion during the month of September, In October, the remittances recorded an increase of $300 million.
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
“Workers’ remittances recorded an inflow of US$2.5 billion during Oct 23,” the SBP said in a statement.
“In terms of growth, during Oct 2023, remittances increased by 11.5 percent on m/m and 9.6 percent on y/y basis.”
Saudi Arabia contributed the most to the inflows with $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.
Pakistan and Saudi Arabia have deep cultural, defense and economic ties.
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