KARACHI: Nov 10 : The workers’ remittances recorded an inflow of US$2.5 billion during Oct 23, says a State Bank of Pakistan (SBP) issued here on Friday.
The SBP said In terms of growth, during Oct 2023, remittances increased by 11.5 percent on m/m and 9.6 percent on y/y basis. The Workers’ remittances inflow of US$ 8.8 billion has been recorded during first four months of FY24.
The Remittances inflows during Oct 2023 were mainly sourced from Saudi Arabia ($616.8 million), United Arab Emirates ($473.9 million), United Kingdom ($330.2 million) and United States of America ($283.3 million), the SBP concluded.
The increase in workers remittances is a good omen of Pakistan. It suggested restoration of the overseas Pakistanis in the government policies. The Workers remittances had dipped considerably during the last Shahbaz Sharif led rule of 16 months and it had added into the pace of economic meltdown in the last one and half years or so. With bowing out of PMLN led coalition government of Pakistan Democratic Movement (PDM) the workers remittances have started to turn to normal flow.
