Workers’ remittances decline 6.2% MoM in February 

Pakistani expatriates sent $2.2 billion home in February 2024, an amount 6.2% less on a monthly basis than $2.4 billion remitted in January 2024, the latest data released by the State Bank of Pakistan (SBP) on Friday shows. 

However, when compared on a year-on-year basis, there is an increase of 13% from the remittances of $1.99 billion received during February 2023. 

The SBP data shows that the cumulative inflow of workers’ remittances was recorded at $18.1 billion during the first eight months (July-Feb) of the fiscal year 2024. 

Pakistani expatriates in Saudi Arabia led the remittances for February 2024, sending $539.8 million, despite an 8% monthly decrease. 

However, this figure represents a 19% increase from the $454.9 million remitted in February of the previous year.

Remittance flows from the United Arab Emirates (UAE) showed a 6% reduction from January's $407.6 million to $384.7 million in February. Nonetheless, this amount shows a yearly growth of 19% from the $324.1 million recorded in the same month last year.

The United Kingdom contributed $346 million in remittances for the month, marking a 4.5% decrease from January 2024's $362.2 million.

Remittances from the European Union also declined by 9% on a monthly basis but saw a 7% increase on a yearly basis, totaling $263.4 million in February 2024.

From the United States, Pakistani expatriates remitted $287.4 million in February 2024, reflecting a significant year-on-year surge of 31% from $219.8 million in the same month of the previous year.