9.1% decrease in remittances in October compared to September Canada Global


Canada Global (Web News) in October compared to September Remittance A decrease of 9.1 percent was recorded.
Foreign exchange inflows hit an eight-month low of $2.22 billion in October, driven by remittances from overseas Pakistani workers.
Foreigners apparently turned to unauthorized channels to send funds to get better exchange rates.

The black market is offering an exchange rate of Rs 235-240 to one dollar.

This is Rs 14-18 higher than Rs 221-222 from official channels including commercial banks.

State Bank of Pakistan Remittances fell 9.1 percent to $2.22 billion in October, according to the report
which was 2.44 billion dollars in the first month of September.

It was 15.7% lower in the month under review as compared to $2.63 billion received in the same month last year.

Overall, remittances declined 8.6 percent to $9.90 billion in the first four months of the current fiscal year, July-October — 2023, from $10.83 billion in the same period last year.

Workers’ remittances from the US improved 6.9 percent to $1.07 billion in the four months from the same period last year.

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