Islamabad: Pakistan’s workers’ remittances reached $3.9 billion in October, marking continued growth in foreign exchange inflows from overseas Pakistanis and contributing to the country’s economic stability.

According to Radio Pakistan, Khurram Schehzad, the Finance Minister’s Advisor, shared the data on the social media platform X, highlighting a 13.8 percent year-on-year increase in remittances. The remittances also showed an 8.5 percent rise compared to September this year.

During the first four months of the current fiscal year, cumulative workers’ remittances amounted to $14.8 billion, reflecting a 14 percent growth compared to the same period in the previous fiscal year. Schehzad noted that the country received approximately $1.8 billion more in remittances during this period compared to the previous year.

Saudi Arabia emerged as the largest source of remittances in October, contributing $982 million, representing a 25 percent year-on-year growth. The United Arab Emirates followed with $816 million, marking a 16 percent increase, while remittances from the United Kingdom rose by 15 percent to $592 million. Additionally, Pakistan received $461 million from European Union countries, showing a 12 percent growth, and other Gulf Cooperation Council countries contributed $370 million, up by 13 percent.

Schehzad emphasized that the sustained growth in remittances is bolstering the country’s foreign exchange reserves, supporting households, and aiding external account stability. He recognized overseas Pakistanis as a crucial pillar of the country’s economy.