Islamabad, Pakistan witnessed a significant surge in remittances in October 2023, reaching USD 2.46 billion, a 10% increase year-on-year (YoY) from the USD 2.24 billion recorded in the same month last year. This upswing breaks a months-long streak and marks the highest level of remittances since March 2023.

According to Zameen.com, the data released by Arif Habib Limited and the State Bank of Pakistan (SBP) show a notable uptick in remittances. The month-on-month inflows for October 2023 saw an 11.5% rise compared to September 2023.

A breakdown of the sources reveals that the primary contributors were Saudi Arabia with USD 617 million, the United Arab Emirates (UAE) with USD 474 million, the United Kingdom (UK) with USD 330 million, European Union (EU) countries with USD 298 million, and the United States (US) with USD 283 million.

The year-on-year comparisons highlight increases in inflows from several regions: a 6% rise from Saudi Arabia, 11% from the UAE, 8% from the US, a significant 28% increase from EU countries, and an 18% rise from the UK.

Despite the positive trend in October, the total remittances for the first four months of fiscal year 2023-24 (4MFY24) amounted to USD 8.79 billion, which is a 13% decline compared to USD 10.14 billion in the same period of the previous fiscal year. This figure indicates fluctuating trends in remittance inflows over the broader fiscal period.

The post Pakistan’s Remittances Hit $2.46 Billion in October, Marking a Significant Year-on-Year Increase appeared first on Pakistan Business News.