As of October 2023, remittances from overseas Pakistanis have demonstrated a noteworthy uptick, registering a 10% year-on-year increase, reaching USD 2.46 billion compared to the USD 2.24 billion recorded in the corresponding month of the previous year.
According to Arif Habib Limited’s official Twitter account, this surge marks the highest level of remittances since March 2023. The State Bank of Pakistan (SBP) data indicates a robust 11.5% month-on-month increase in remittance inflows for October 2023 compared to September 2023.
Breaking down the remittance figures, the primary sources were Saudi Arabia, contributing USD 617 million, followed by 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.
In terms of year-on-year comparisons, inflows from Saudi Arabia increased by 6%, the UAE by 11%, and the US by 8%. Notably, remittances from EU countries experienced a substantial 28% increase, and those from the UK rose by 18%.
However, contrasting this positive trend, the first four months of the fiscal year 2023-24 (4MFY24) witnessed a 13% decline in total remittances, amounting to USD 8.79 billion, compared to USD 10.14 billion recorded in the same period of the preceding fiscal year.
Despite the recent surge, this overall decline in the fiscal year calls for a comprehensive analysis of the factors influencing remittance patterns, reflecting the dynamic nature of global economic conditions and the financial contributions of overseas Pakistanis to the country’s economy.
In October 2023, remittances from overseas Pakistanis experienced a significant upswing, reaching USD 2.46 billion, a notable 10% increase from the previous year. This surge, the highest since March 2023, is confirmed by Arif Habib Limited, as reported on November 9. State Bank of Pakistan (SBP) data reveals an 11.5% month-on-month increase for October 2023.?