ISLAMABAD: Pakistan’s workers’ remittances increased by 5.3 percent on a month-on-month basis in September, the central bank said on Tuesday, with Saudi Arabia remaining the largest contributor.
Pakistani workers abroad sent remittances worth $2.1 billion during August, according to official figures by the State Bank of Pakistan (SBP) released last month. Saudi Arabia had been the largest contributor in that list as remittances received from the kingdom totaled $491.1 million in August.
“During Sep 2023, workers’ remittances recorded an inflow of $2.2 billion, showing an increase of 5.3 percent compared to the previous month,” the SBP said on social media platform X.
Workers’ remittances from Saudi Arabia were clocked in at $538.16 million for September, the SBP said. Remittances from the UAE, UK and EU countries totaled $399.77 million, $311.06 million and $269.25 million respectively in September.
From other GCC countries, remittances sent by workers last month amounted to $248.11 million.
Pakistan and Saudi Arabia have deep cultural, defense and economic ties. The kingdom is home to over two million Pakistanis and for years has remained the largest contributor to remittance inflows.
Remittances play a major role in supporting Pakistan’s external account, especially at a time when the country is grappling with an economic crisis that has weakened its currency and caused its foreign exchange reserves to plummet.
