Remittances growth to strengthen account balance amid low growth

Author: News Desk

As the remittances to Pakistan have hit a record high in in October The All Pakistan Business Forum has said that foreign flows are crucial which can support the country’s account balance amidst low volumes of foreign direct investment (FDI) and nominal growth of exports. APBF President Syed Maaz Mahmood observed that the inflows of workers’ remittances sent home by overseas Pakistanis remained robust, reaching a four-month high of over $3 billion in October 2024, with significant increases from the United Arab Emirates (UAE) and United Kingdom (UK). This rise in remittances is expected to keep the current account near breakeven and help the rupee remain stable against the US dollar. Quoting the data of State Bank of Pakistan (SBP), he said that the inward remittances surged by 24%, reaching $3.05 billion in October 2024 compared to $2.46 billion in the same month last year. October’s inflows also increased by 7% compared to $2.86 billion in September 2024. Cumulatively, remittances rose by 35% to $11.85 billion in the first four months of the current fiscal year (2024-25), up from $8.79 billion during the same period last year.

Share
Leave a Comment

Recent Posts

  • Op-Ed

Brink of Catastrophe

The world today teeters on the edge of catastrophe, consumed by a series of interconnected…

6 hours ago
  • Uncategorized

Commitment of the Pak Army

Recent terrorist attacks in the country indicate that these ruthless elements have not been completely…

6 hours ago
  • Op-Ed

Transforming Population into Economic Growth Drivers

One of Pakistan's most pressing challenges is its rapidly growing population, with an alarming average…

6 hours ago
  • Uncategorized

Challenges Meet Chances

Pakistan's economy is rewriting its story. From turbulent times to promising horizons, the country is…

6 hours ago
  • Editorial

Smogged Cities

After a four-day respite, Lahore, alongside other cities in Punjab, faces again the comeback of…

6 hours ago
  • Editorial

Harm or Harness?

The Australian government's proposal to ban social media for citizens under 16 has its merits…

6 hours ago