Pakistan’s October Remittances From Overseas Workers Rose 63%

By Farhan Sharif

Nov. 11 (Bloomberg) -- Remittances from Pakistanis living overseas rose to $758.3 million in October as workers sent more money home from the United Arab Emirates, United States and Saudi Arabia.

Transfers of funds rose by $292.2 million, or 63 percent, in the fourth month of the fiscal year that began July 1, the Karachi-based State Bank of Pakistan said today in an e-mailed statement. Remittances in the four month period ended Oct. 31 rose 32 percent to $3.1 billion.

Workers in the Emirates transferred $175.2 million, up from $75.9 million a year earlier. Pakistanis in Saudi Arabia sent home $142.9 million, up from $96.8 million, and Pakistanis in the U.S. transferred $154.3 million, compared with $127.3 million. Read more