Saudi Arabia remains top contributor as Pakistan remittances increase 3.1 percent month-on-month

A Pakistani dealer counts US dollars at a currency exchange shop in Karachi on November 30, 2018. (AFP/File)
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Updated 11 September 2023
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Saudi Arabia remains top contributor as Pakistan remittances increase 3.1 percent month-on-month

  • $2.1 billion in remittances sent by Pakistanis working abroad in August this year
  • $490.1 million received from Saudi Arabia, $331.3 million from UK, $308 million from UAE

KARACHI: Pakistan’s remittances increased by 3.1 percent in August on a month-on-month basis, the central bank said on Monday, with Saudi Arabia remaining the largest contributor.

The South Asian country recorded $2.1 billion in remittances sent by Pakistanis working abroad in August this year, according to the State Bank of Pakistan (SBP).

“Remittances inflows during Aug 2023 were mainly sourced from Saudi Arabia ($490.1 million), United Kingdom ($331.3 million), United Arab Emirates ($308.0 million) and United States of America ($262.4 million),” the central bank said.

“Workers’ remittances inflow of $ 4.1 billion has been recorded during Jul-Aug FY24 on a cumulative basis.”

Pakistan and Saudi Arabia have deep cultural, defense and economic ties and the Kingdom is home to over two million Pakistanis and for years has remained the largest contributor to remittance inflows.


Pakistan Navy seizes $3 million of narcotics in Arabian Sea under regional security patrol

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Pakistan Navy seizes $3 million of narcotics in Arabian Sea under regional security patrol

  • Official statement says the haul was made during an anti-narcotics operation conducted by PNS Yamama
  • Seizure comes after a record haul of nearly $972 million was reported in the North Arabian Sea in October

KARACHI: Pakistan Navy said on Sunday a patrol vessel operating in the Arabian Sea had seized 1,500 kg of narcotics, the latest interdiction under a regional maritime security deployment aimed at curbing illicit activity along key shipping routes.

The operation took place under the Regional Maritime Security Patrol (RMSP), a Pakistan-led initiative that deploys naval assets across the Arabian Sea and adjoining waters to deter smuggling, piracy and other non-traditional security threats.

The framework combines independent patrols with coordination involving regional and international partners.

“Pakistan Navy Ship Yamama, while deployed on Regional Maritime Security Patrol in the Arabian Sea, successfully conducted an anti-narcotics operation, leading to the seizure of 1,500 kilograms of hashish valued at approximately 3 million US dollars,” the Navy said.

The interdiction, it added, underscored the force’s “unwavering commitment to combating illicit activities and ensuring security in the maritime domain.”

Pakistan Navy said it routinely undertakes RMSP missions to safeguard national maritime interests through “robust vigilance and effective presence at sea,” and continues to play a proactive role in collaborative maritime-security efforts with other regional navies.

The seizure comes amid heightened counter-narcotics activity at sea.

In October, a Pakistani vessel seized a haul worth nearly $972 million in what authorities described as one of the largest drug seizures ever reported in the North Arabian Sea.

Last month, Pakistan Navy units operating under a Saudi Arabia-led multinational task force seized about 2,000 kg of methamphetamine, valued at roughly $130 million, highlighting the role of regional cooperation in disrupting trafficking networks.