ISLAMABAD: Remittances sent by Pakistani workers abroad increased by 11.5 percent on a month-on-month basis in October, the Pakistani central bank said on Friday, with Saudi Arabia being the largest contributor.
Pakistani expatriates sent a total of $2.2 billion during the month of September, according to official figures shared by the State Bank of Pakistan (SBP).
In October, the remittances recorded an increase of $300 million.
"Workers’ remittances recorded an inflow of US$2.5 billion during Oct 23," the SBP said in a statement.
"In terms of growth, during Oct 2023, remittances increased by 11.5 percent on m/m and 9.6 percent on y/y basis."
Saudi Arabia contributed the most to the inflows with $616.8 million, followed by the United Arab Emirates at $473.9 million, the United Kingdom at $330.2 million and the United States at $283.3 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.
The central bank said it had recorded inflows of $8.8 billion in the first four months of this fiscal year, which began on July 1.
