Remittances cross $3bn in October: SBP chief

Higher foreign inflows are expected this month as the remittances crossed $3 billion in October, while the State Bank of Pakistan (SBP) expects $500 million from the Asian Development Bank (ADB) this week. In a briefing with the analysts and researchers after the announcement of the monetary policy on Monday, SBP Governor Jameel Ahmed disclosed that the remittances in October had crossed the $3bn mark, which would help build the foreign exchange reserves as projected. The first quarter FY25 remittances are already higher by 39 per cent. The government has projected to increase the SBP foreign exchange reserves to $13bn by the end of FY25. The governor also disclosed that the $500m would be received from the ADB within a week, further boosting reserves. With this inflow, the SBP reserves would reach $11.7bn. As of Oct 25, the foreign exchange holdings of the central bank rose to $11.2bn, following an inflow of $116m.