Pakistani workers overseas showing their financial support for their families back home, sent $2.5 billion in remittances In October, according to the latest report from the State Bank of Pakistan. Saudi Arabia emerged as the leading contributor The overall remittances for October witnessed a significant 10% increase compared to the previous month. Saudi Arabia emerged as the leading contributor, with Pakistanis sending the highest remittance of $62 million from the Kingdom. The workers from UAE contributed an exchange of $47 million in October.

The cumulative remittances for the first four months of the current financial year have reached $8.8 billion, as per the State Bank's data. How does SBP collect data? The remittance data includes conversions related to current transfers from Roshan Digital Accounts (RDA) since September 2020, showcasing the impact of digital financial solutions on facilitating overseas family finances.The State Bank's dataset reflects the evolving trends in remittance inflows, with a focus on the original country of the remitter since July 2019.

Prior to July 2018, certain countries such as Malaysia, South Africa, and South Korea were recorded under 'Other Countries.' Similarly, encashments from FCBCs and FEBCs have been consistently documented under 'Other Countries' since July 2022.

 Credit: Independent News Pakistan (INP)