Islamabad: The remittances from overseas Pakistanis surged by 10% year-on-year (YoY) to reach USD 2.46 billion in October 2023, marking a notable increase from the USD 2.24 billion recorded in the corresponding month of the previous year, according to news published on November 9.
This upswing represents the highest level of remittances since March 2023, as reported by Arif Habib Limited via its official Twitter (currently known as ‘X’) handle:
Remittances increased by 10% YoY to $ 2.5bn during Oct’23, highest since Mar’23
Remittances by overseas Pakistanis increased by 10% YoY to USD 2.5bn during Oct'23 compared to USD 2.2bn during Oct’22. On MoM basis, remittances also increased by 12% (Sep’23: USD 2.2bn).
On a month-on-month basis, the inflows for October 2023 witnessed a robust 11.5% increase compared to September 2023, according to data on remittances released by the State Bank of Pakistan (SBP):
Breaking down the figures, the primary sources of these remittances 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.
Year-on-year comparisons reveal a 6% increase in inflows from Saudi Arabia, 11% from the UAE, and 8% from the US. Meanwhile, European Union (EU) countries experienced a substantial 28% increase, and remittances from the UK rose by 18%.
However, in the first four months of the fiscal year 2023-24 (4MFY24), the total remittances amounted to USD 8.79 billion, marking a 13% decline compared to the USD 10.14 billion recorded in the same period in the preceding fiscal year.
Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.
