fbpx mmnews

Pakistan’s remittances in October rise 10pc to $2.5bn

dollar

KARACHI: Pakistan’s remittance continued to rise after about $2.5 billion were deposited in October, showing a Year on Year (YoY) increase of over 10 percent.

State Bank of Pakistan (SBP), in a tweet on Sunday, said that cumulatively, the remittances have risen to $10.6bn so far in FY22, up 12% over the same period last year.

SBP further said that in addition to remaining above $2 billion since June 2020, this is the eighth consecutive month 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).