Pakistan’s workers’ remittances surge by 40.5% in August 2024, reaching $2.9 billion

ISLAMABAD: Pakistan witnessed a significant surge in workers' remittances during August 2024, with an inflow of $2.9 billion. This marks a 40.5% increase compared to the same month last year, showcasing the resilience of overseas Pakistanis in supporting the country’s economy.

The cumulative remittances for the first two months of the fiscal year 2025 (FY25) also saw a robust increase, reaching $5.9 billion. This represents a 44% rise compared to the $4.1 billion recorded during the corresponding period of the previous fiscal year (FY24).

Saudi Arabia emerged as the leading source of remittances, contributing $713.1 million in August 2024. The United Arab Emirates (UAE) followed with $538.4 million, while the United Kingdom (UK) and the United States of America (USA) accounted for $474.8 million and $322.4 million, respectively.

The substantial growth in remittances underscores the importance of overseas Pakistanis in bolstering the country’s foreign exchange reserves, providing much-needed stability to the economy amid global financial challenges.