In October 2023, overseas workers sent $2.5 billion in remittances to Pakistan, which is 11.5% higher than in September 2023. This is good for Pakistan’s economy and the households that rely on these remittances. Experts think the increase is because of a better exchange rate and a crackdown on currency smugglers. However, overall, worker remittances have declined by over 13% in the first four months of FY24, compared to the same time in FY23.
The largest amount of remittances came from overseas Pakistanis in Saudi Arabia, followed by the United Arab Emirates, the United Kingdom, the European Union, and the United States. Each of these countries saw an increase in remittance amounts compared to the previous month and year.
Overall, remittances are an important source of income for Pakistan and play a big role in supporting the country’s economy.
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