ISLAMABAD: Saudi Arabia and the United Arab Emirates (UAE) remained to contributors to Pakistan’s remittance inflows which in October reached $2.5 billion, the country’s central bank said on Sunday.
October was the eighth consecutive month and fourth in the current fiscal year when remittances have been close to or above $2.5 billion.
“Remittance inflows during the first four months of FY22 have mainly been sourced from Saudi Arabia ($ 2.7 billion), UAE ($ 2.0 billion), UK ($ 1.5 billion) and USA ($ 1.1 billion),” the State Bank of Pakistan (SBP) said in a statement.
“Workers’ remittances continued their strong streak as inflows recorded $2.5 billion in October 2021.”
On a cumulative basis, remittances have risen to $10.6 billion during the first four months of the fiscal year 2021-22, which is 11.9 percent higher than in the same period last year.
Pakistan’s remittances soared to a historic annual high of $29.4 billion in the last fiscal year, with 47 percent or $13.78 billion originating from Saudi Arabia and the UAE, which host millions of Pakistani expats.
