{"id":95441,"date":"2023-11-10T15:21:30","date_gmt":"2023-11-10T10:21:30","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=95441"},"modified":"2023-11-10T15:21:31","modified_gmt":"2023-11-10T10:21:31","slug":"remittances-surge-to-usd-2-4-bn-in-oct-2023","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/remittances-surge-to-usd-2-4-bn-in-oct-2023.html","title":{"rendered":"Remittances surge to USD 2.4 bn in Oct 2023, breaking months-long streak"},"content":{"rendered":"\n<p>Islamabad: The remittances from overseas Pakistanis surged by 10% year-on-year (YoY) to reach USD 2.46 billion in October 2023, marking a notable increase from the USD 2.24 billion recorded in the corresponding month of the previous year, according to news published on November 9.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/sbp-donations-foreign-remittances.html\" target=\"_blank\" rel=\"noreferrer noopener\">SBP permits donations to flood victims through foreign remittances<\/a><\/p>\n\n\n\n<p>This upswing represents the highest level of remittances since March 2023, as reported by Arif Habib Limited via its official Twitter (currently known as \u2018X\u2019) handle:<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"twitter_widget_wrapper alia_embed_wrapper\"><div class=\"twitter_widget_border\"><!--ALIA start embed content--><blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Remittances increased by 10% YoY to $ 2.5bn during Oct\u201923, highest since Mar\u201923<br><br>Remittances by overseas Pakistanis increased by 10% YoY to USD 2.5bn during Oct&#39;23 compared to USD 2.2bn during Oct\u201922. On MoM basis, remittances also increased by 12% (Sep\u201923: USD 2.2bn).<br><br>During\u2026 <a href=\"https:\/\/t.co\/G0QEot0jdg\">pic.twitter.com\/G0QEot0jdg<\/a><\/p>&mdash; Arif Habib Limited (@ArifHabibLtd) <a href=\"https:\/\/twitter.com\/ArifHabibLtd\/status\/1722844431924199591?ref_src=twsrc%5Etfw\">November 10, 2023<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><!--AliA end embed content--><\/div><\/div>\n<\/div><\/figure>\n\n\n\n<p>On a month-on-month basis, the inflows for October 2023 witnessed a robust 11.5% increase compared to September 2023, according to data on remittances released by the State Bank of Pakistan (SBP):<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"twitter_widget_wrapper alia_embed_wrapper\"><div class=\"twitter_widget_border\"><!--ALIA start embed content--><blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">In Oct 2023, workers\u2019 remittances recorded an inflow of US$2.5 billion, showing an increase of 11.5 percent over the previous month.<br>For details see <a href=\"https:\/\/t.co\/rPOvn9Dr8N\">https:\/\/t.co\/rPOvn9Dr8N<\/a> <a href=\"https:\/\/t.co\/7XBd4uOcHC\">https:\/\/t.co\/7XBd4uOcHC<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/SBPRemittances?src=hash&amp;ref_src=twsrc%5Etfw\">#SBPRemittances<\/a> <a href=\"https:\/\/t.co\/Tcv5Kggycf\">pic.twitter.com\/Tcv5Kggycf<\/a><\/p>&mdash; SBP (@StateBank_Pak) <a href=\"https:\/\/twitter.com\/StateBank_Pak\/status\/1722841011553189906?ref_src=twsrc%5Etfw\">November 10, 2023<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><!--AliA end embed content--><\/div><\/div>\n<\/div><\/figure>\n\n\n\n<p>Breaking down the figures, the primary sources of these remittances were Saudi Arabia with USD 617 million, the United Arab Emirates (UAE) with USD 474 million, the United Kingdom (UK) with USD 330 million, European Union (EU) countries with USD 298 million, and the United States (US) with USD 283 million.<\/p>\n\n\n\n<p>Year-on-year comparisons reveal a 6% increase in inflows from Saudi Arabia, 11% from the UAE, and 8% from the US. Meanwhile, European Union (EU) countries experienced a substantial 28% increase, and remittances from the UK rose by 18%.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/sbp-8-increase-remittance-august.html\" target=\"_blank\" rel=\"noreferrer noopener\">SBP reveals 8% increase in remittance in August<\/a><\/p>\n\n\n\n<p>However, in the first four months of the fiscal year 2023-24 (4MFY24), the total remittances amounted to USD 8.79 billion, marking a 13% decline compared to the USD 10.14 billion recorded in the same period in the preceding fiscal year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The remittances from overseas Pakistanis surged by 10% year-on-year (YoY) to reach USD 2.46 billion in October 2023, marking a notable increase from the USD 2.24 billion recorded in the corresponding month of the previous year, according to news published on November 9. Read: SBP permits donations to flood victims through foreign remittances This upswing represents the highest level of remittances since March 2023, as reported by Arif Habib Limited via its official Twitter (currently known as \u2018X\u2019) handle: On a month-on-month basis, the inflows for October 2023 witnessed a robust 11.5% increase compared to September 2023, according to data on remittances released by the State Bank of Pakistan (SBP): Breaking down the figures, the primary sources of these remittances were Saudi Arabia with USD 617 million, the United Arab Emirates (UAE) with USD 474 million, the United Kingdom (UK) with USD 330 million, European Union (EU) countries with USD 298 million, and the United States (US) with USD 283 million. Year-on-year comparisons reveal a 6% increase in inflows from Saudi Arabia, 11% from the UAE, and 8% from the US. Meanwhile, European Union (EU) countries experienced a substantial 28% increase, and remittances from the UK rose by 18%.&hellip;<\/p>\n","protected":false},"author":75,"featured_media":76277,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15017],"tags":[57606,2631],"persona":[],"class_list":{"0":"post-95441","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-notices-announcements","8":"tag-remittances-surge-to-usd-2-4-bn-in-oct-2023","9":"tag-state-bank-of-pakistan","10":"cat-15017-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Remittances Surge to USD 2.4 bn in Oct 2023- Zameen News<\/title>\n<meta name=\"description\" content=\"The remittances from overseas Pakistanis surged by 10% year-on-year (YoY) to reach USD 2.46 billion in October 2023....\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/remittances-surge-to-usd-2-4-bn-in-oct-2023.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Remittances Surge to USD 2.4 bn in Oct 2023- Zameen News\" \/>\n<meta property=\"og:description\" content=\"The remittances from overseas Pakistanis surged by 10% year-on-year (YoY) to reach USD 2.46 billion in October 2023....\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/remittances-surge-to-usd-2-4-bn-in-oct-2023.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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