Daily Times

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.