Karachi: Remittances from overseas workers recorded $ 2.5 billion in October, an increase of 11.5% per month, The State Bank of Pakistan (SBP) said in a statement Friday.
“ In terms of growth, during October 2023, remittances increased by 11.5% per month and 9.6% per year on a year basis, ” reported to the central bank.
The central bank also stated that in the first four months of the current financial year, remittances were $ 8.8 billion.
Workers ’ remittances rose 11.5% in October
According to the SBP, out of $ 2.5 billion, Saudi Pakistani workers sent $ 616.8 million, the UAE came in second with $ 473.9 million, Remittances from the UK $330.2 million were recorded and $283.3 million were sent from the US.
Dr. Khakan Najib, a former economic adviser to the Ministry of Finance, credited the closing of the exchange rate between the open and interbank markets and preventing illegal exchanges to increase remittances Given.
“ The closure of the exchange rate between the open market and the interbank has contributed to the flow of remittances through the formal sector, compared to the previous month in October remittances I have increased by approximately $300 million, ” said Dr. Najib.
Economists say the government’s recent “enforcement measures against the illegal exchange market ” have reduced the demand for smuggling for dollarization and/Helped to control Hwala.
“This has helped channel remittances through interbank, ” said Dr. Najib. He added that the increase in remittances from the Middle East is an indication that the Hindi / Reference is declining as the Hindi/The reference business ratio is high.
“ It is contributing to the improvement in remittances in October as a whole, ” said economists۔
