Money dealers count Pakistani rupees, right, and US dollars at a currency exchange in Islamabad on March 12, 2014. — AFP
Pakistan received $3.1 billion in overseas workers’ remittances in October 2024, a significant 23.9% increase compared to $2.46 billion in the same month last year, according to data released by the State Bank of Pakistan (SBP) on Friday.
On a monthly basis, remittances were up 6.7% from $2.86 billion in September 2024.
Cumulatively, in the first four months of the fiscal year (4MFY25), inflows surged nearly 34.7%% year-on-year to $11.8 billion, up from $8.8 billion in the same period of FY24.
Analysts attribute the increase to a stable exchange rate, a narrower gap between open and inter-bank rates, growth in digital payment channels, and more workers relocating overseas.
