Workers’ remittances increase by 31% MoM to $3bn in March 

Workers’ remittances recorded an inflow of $3 billion during March 2024, marking a 31.3% month-on-month (MoM) increase, as per data released by the State Bank of Pakistan (SBP).

The SBP data shows overseas remittances registered an increase of 16.4% year-on-year (YoY) as it recoreded $2.54 billion in the same month of the previous year.

Remittances inflow exhibited an inflow of $21.0 billion during the first nine months (July-March) of FY24, showing a slight increase of 0.9% as compared to $20.8 billion remitted during the same period of FY23.

Overseas Pakistanis living in Saudi Arabia led with maximum remittances sent back home with a total of $703.1 million during March 2024.

This was followed by $548.5 million sent from Pakistani workers in the United Arab Emirates (UAE), $461.5 million from the UK, $315 million from the European Union (EU) and $372.5 million from the USA.