KARACHI, Pakistan has witnessed a notable increase in workers’ remittances, with an inflow of US$2.5 billion recorded in October 2023.
According to State Bank of Pakistan (SBP), the remittances showed a significant growth of 11.5 percent on a month-on-month basis and 9.6 percent on a year-on-year basis. The total inflow of workers’ remittances for the first four months of the fiscal year 2024 amounted to US$ 8.8 billion.
The remittances in October 2023 primarily originated from key labor markets for Pakistan, including Saudi Arabia ($616.8 million), the United Arab Emirates ($473.9 million), the United Kingdom ($330.2 million), and the United States of America ($283.3 million).
This increase in remittances reflects the positive contribution of the Pakistani diaspora to the country’s economy and highlights the importance of remittances as a vital source of foreign exchange for Pakistan.