Overseas Pakistanis’ Remittances rise by 11% MoM to $2.5 billion in October 2023

BusinessOverseas Pakistanis’ Remittances rise by 11% MoM to $2.5 billion in October...

ISLAMABAD, Pakistan: The remittances sent by Overseas Pakistanis in October 2023 recorded an inflow of US$2.5 billion, showing an increase of 11.5 percent over the previous month.


The statistics released by the State Bank of Pakistan on Friday showed that the Overseas Workers sent remittances amounting to US$ 2,462.9 million in October 2023 against US$ 2,208.1 million of the previous month (September 2023).

Whereas on a Year-on-Year basis, the remittances increased by 11 percent as in October 2022 they were recorded as US$ 2,247.6 million.Overseas Pakistanis’ Remittances rise by 11% MoM to $2.5 billion in October 2023

The remittances in the first four months of the Fiscal Year 2024 (July-October) went down by 13 percent to US$ 8,794.6 million as compared to US$ 10,144.8 million in the FY 2023.

Share of remittances in October 2023 from the United States remained US$ 283.3 million, United Kingdom US$ 330.2 million, Saudi Arabia US$ 616.8 million, the United Arab Emirates (UAE) US$ 473.9 million, other GCC Countries US$ 269.5 million, and EU Countries US$ 297.5 million.

During the period, US$ 11.6 million were received in remittances from Malaysia, US$ 7.6 million from Norway, US$ 3.5 million from Switzerland, US$ 44.2 million from Australia, US$ 39.5 million from Canada, US$ 4.6 million from Japan, US$ 17.2 million from South Africa, US$ 7.3 million from South Korea, US$ 56.3 million from other Countries.

Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

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