Remittances up by 11.5% amid crackdown on currency hoarders, smugglers
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Due to the narrowing of a big gap in the rate of the US dollar in the interbank and open market thanks to a strict crackdown on currency hoarders and smugglers, the workers’ remittances in October 2023 recorded an inflow of $2.5 billion, registering an increase of 11.5 percent over the previous month, according to data provided by the State Bank of Pakistan on Friday, reported 24NewsHD TV channel.
According to the SBP, the workers’ remittances showed a 10 percent increase in October 2023 as compared to October 2022.
The inflow of remittances exceeded $2.46 billion in six months.
https://twitter.com/StateBank_Pak/status/1722841011553189906
However, the overall remittance landscape for the 1QFY2023-24 depicts a different story. During this period, remittances witnessed a 13.31% decline, totaling $8.79 billion, compared to $10.14 billion in the corresponding months of the previous fiscal year.
Reporter Ashraf Khan