ISLAMABAD: Overseas workers' remittances into Pakistan totaled $3.9 billion in October, up 13.8% from $3.42 billion a year earlier, the State Bank of Pakistan said Tuesday.
Remittances also rose 8.5% from $3.6 billion in September. For July through October, the first four months of the fiscal year, remittances increased 14% to $14.8 billion from $13 billion a year earlier.
Remittances play a significant role in supporting the country's external account, stimulating economic activity and supplementing the disposable incomes of remittance-dependent households.
The central bank last month revised its projections for workers' remittances and foreign exchange reserves upward, citing improved inflows and a stronger external account outlook.
Speaking at a news conference on the monetary policy decision, SBP Governor Jameel Ahmed said remittances have remained resilient in the first quarter of the fiscal year and are projected to exceed earlier estimates.
"Workers' remittances are expected to increase further, with Pakistan's inflows projected at $45 billion in the current fiscal year, up from the previous estimate of $44 billion," he said.
Saudi Arabia remained the largest source of remittances in October, with overseas Pakistanis there sending $982 million, up 17% from $838 million a year earlier and 9% higher than $899 million in September.
Inflows from the United Arab Emirates rose 16% year-on-year to $816 million from $703 million, and were up 9% from $749 million in September.
Remittances from the United Kingdom amounted to $592 million, up 19% from $499 million a year earlier. Those from the United States totaled $329 million, a 9% increase from $301 million, and rose 8% from $306 million in August.
Remittances from European Union countries came in at $461 million, up 3% from $448 million in September.
