Islamabad — In a positive development for Pakistan’s economy, Overseas Pakistanis sent over $3.4 billion in remittances during the month of October, bolstering the country’s foreign exchange reserves. This increase is notable compared to the previous month and indicates a stable trend since the start of the current fiscal year.
Analysis of the Data:
- Monthly Surge: According to the State Bank of Pakistan (SBP), the total value of remittances received in October was $3.41 billion, marking a 7.34% increase compared to September.
- Fiscal Year Performance: Worker remittances during the first 4 months of the current fiscal year (July to October) reached $12.95 billion. The SBP highlights that this figure represents a 9.32% increase compared to the same period last fiscal year.
Major Sources of Remittances:
The contributions from major countries and regions during October were as follows:
| Country/Region | Remittances (in millions of USD) |
| United Arab Emirates (UAE) | 690 |
| United Kingdom | 480 |
| European Union | 450 |
| Other Gulf Countries | 340 |
| United States | 290 |
Additionally, the SBP reported that Saudi Arabia contributed a total of $3.13 billion in remittances during the first four months of the current fiscal year.
These consistent and increasing remittances from Overseas Pakistanis play an indispensable role in the country’s economy, being key to reducing the current account deficit and stabilizing the value of the Rupee.
