ISLAMABAD: Due to the narrowing of a big gap in the rate of the US dollar in the interbank and open market thanks to a strict crackdown on currency hoarders and smugglers, the workers’ remittances in October 2023 recorded an inflow of $2.5 billion, registering an increase of 11.5 percent over the previous month, according to data provided by the State Bank of Pakistan on Friday. According to the SBP, the workers’ remittances showed a 10 percent increase in October 2023 as compared to October 2022. The inflow of remittances exceeded $2.46 billion in six months. However, the overall remittance landscape for the 1QFY2023-24 depicts a different story. During this period, remittances witnessed a 13.31% decline, totaling $8.79 billion, compared to $10.14 billion in the corresponding months of the previous fiscal year. DNA
