Overseas Pakistanis send over $2 billion for fifth consecutive month

Pakistanis living abroad sent home over $2 billion for the fifth consecutive month in October, according to the State Bank of Pakistan.

The amount overseas Pakistanis send back to Pakistan is commonly known as worker remittances. This month it stands at $2.3 billion which is 14.1% higher as compared to that of October last year.

Remittances during the first four months (July to October) of this fiscal year has reached to $9.4 billion, recording a growth of 26.5% as compared to the same period last year.

Remittances during the first four months (July to October) of this fiscal year reached $9.4 billion, recording a growth of 26.5% as compared to the same period last year.

A large part of the year-on-year increase in October 2020 came from Saudi Arabia (30%), United States (16%) and United Kingdom (14.6%). According to the State Bank, the improvements in Pakistan’s foreign exchange market structure and its dynamics, efforts under the Pakistan Remittances Initiative (PRI) to formalize the flows and limited cross-border travelling contributed to the growth in remittances.

Remittances during the first four months (July to October) of this fiscal year has reached to $9.4 billion, recording a growth of 26.5% as compared to the same period last year.

A large part of the year on year increase in October 2020 came from Saudi Arabia (30%), United States (16%) and United Kingdom (14.6%).

According to State Bank, the improvements in Pakistan’s foreign exchange market structure and its dynamics, efforts under the Pakistan Remittances Initiative (PRI) to formalize the flows and limited cross-border travelling contributed to the growth in remittances.