Summary The increase in remittances was driven primarily by the weakening of the Pakistani rupee
KARACHI (Dunya News) – Remittances to Pakistan touched US$2 billion in October this year – the second time the inflow from expatriate Pakistanis living in different countries totalled the $2 billion figure in 2018.
According to analysis from the Economist Intelligence Unit (EIU), October remittances stayed above the average monthly remittances of $1.7 billion.
The increase in remittances was driven primarily by the weakening of the Pakistani rupee, which made the currency attractive for the expat population.
The EIU predicted higher remittances for Pakistan in 2018 compared to the previous year. Among other factors driving the higher inflows are the rising oil prices and better economic conditions in the Gulf countries – which boast a sizeable proportion of the expat population.
Remittances from Saudi Arabia posted a rise of 7.3 percent in October, with the figure likely to pick up in 2019 as oil prices are expected to rise slightly more.
