SBP Chief Hails Record $3 Billion in Remittances for October
Pakistan's remittances exceed $3 billion in October, helping boost foreign reserves. Additional support from ADB strengthens the country’s economic outlook.
Pakistan's remittances surged to over $3 billion in October, providing a major boost to the country's foreign exchange reserves, announced State Bank of Pakistan (SBP) Governor Jameel Ahmed. Following the central bank’s recent monetary policy briefing, Ahmed noted that this strong inflow supports SBP's plans to increase reserves.
In addition to remittances, Pakistan is set to receive $500 million from the Asian Development Bank (ADB) within the week. This support, along with October's inflow, has already raised the SBP’s reserves to $11.2 billion as of October 25. The SBP aims to reach a target of $13 billion by the end of FY25, supported by steady remittance growth and ADB's assistance.
The first quarter of FY25 saw a promising 39% rise in remittances, pointing to a healthier financial outlook for Pakistan as it builds reserves for economic stability.
What's Your Reaction?
