Pakistan's remittance inflows recorded a substantial increase of 24 percent, reaching $3 billion in October 2024, primarily driven by Special Investment Facilitation Council (SIFC) initiatives.
Saudi Arabia emerged as the leading source of remittances, contributing $766.7 million, followed by the United Arab Emirates with $620.9 million, and the United Kingdom with $429.5 million during October.
The cumulative remittances for the period July-October 2024 witnessed a remarkable 35 percent growth, totaling $11.8 billion, according to official data.
This upward trend in overseas transfers has positively impacted Pakistan's current account deficit, providing essential support to the country's economic stability and foreign exchange reserves.
The digitization of financial data and an increase in overseas Pakistani workers have been identified as key factors contributing to this growth. These developments align with SIFC's broader strategy to enhance Pakistan's economic infrastructure and development projects.
