Foreign Remittances in Pakistan register significant increase
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In October, remittances from Pakistani workers abroad surged by 11.5 percent on a month-on-month basis, reaching $2.5 billion, as reported by the State Bank of Pakistan (SBP) on Friday.
The figures reveal a notable increase from the $2.2 billion recorded in September, signifying robust growth. The growth rates for October 2023 were 11.5 percent month-on-month and 9.6 percent year-on-year.
Saudi Arabia played a significant role in this increase, contributing $616.8 million, followed by the United Arab Emirates with $473.9 million, the United Kingdom with $330.2 million, and the United States with $283.3 million.
This upswing underscores the strong cultural, defense, and economic ties between Pakistan and Saudi Arabia.
