11.5% growth
ISLAMABAD: According to the State Bank of Pakistan’s latest data released today, workers’ remittances recorded an inflow of US$2.5 billion during Oct 23, showing an impressive growth over the preceding month.
In terms of growth during Oct 2023, remittances increased by 11.5 percent on m/m and 9.6 percent on yearly basis.
Overseas Pakistani workers’ remittances inflow of US$8.8 billion has been recorded during first four months of FY24 by the central bank.
In the month of October 2023, remittances marked 11.5% growth.
Remittances inflows during Oct 2023 were mainly sourced from Saudi Arabia ($616.8 million), United Arab Emirates ($473.9 million), United Kingdom ($330.2 million) and United States of America ($283.3 million).
In the current financial year, Pakistan is likely to receive more than $31 billion worth of remittances from overseas Pakistanis.
Meanwhile, the stock market in Pakistan demonstrated a robust growth on Friday amid positive remittances data. The KSE-100 Index showcased an impressive surge, gaining 841.05 points or 1.55%, reaching over 55000 points on Friday morning.
The trading volume observed on the index amounted to 27.027 million shares.
The optimistic atmosphere was reinforced by the recent release of Workers’ remittances data by the central bank, indicating a notable 11.54% month-on-month increase in October, totaling $2.46 billion.
Furthermore, the latest PIB auction on November 08 displayed a significant reduction in yields, signaling market anticipation of an earlier-than-expected decline in interest rates.
Around 10:10 am, the KSE-100 index achieved 55,253.19 points, reflecting a 1.83% increase from the previous close of 54,261.42.
Market analysts attributed the market’s momentum to the optimistic outlook regarding the International Monetary Fund’s (IMF) first review.
They emphasized that factors such as stabilizing inflation and interest rates, anticipated monetary easing, and attractive valuations despite the market’s all-time high are contributing to positive investor sentiment on the local bourse.
