Pakistan remittances from overseas workers recorded $2.849 billion in September 2024, an increase of 29% year-on-year (YoY) from the $2.208 billion recorded in the same month last year, according to recent data shared by the State Bank of Pakistan (SBP).Â
Despite this yearly increase, September saw a 3% decrease from the $2.943 billion reported in August 2024.
For the first quarter of the fiscal year 2025 (3MFY25), remittances have shown a remarkable 39% rise, totaling $8.8 billion compared to $6.3 billion in the same period of the previous fiscal year.Â
Financial experts attribute this robust growth to the stability of the Pakistani rupee, a narrowing of the gap between the open and interbank market rates, and an uptick in the number of workers relocating abroad.
In a detailed breakdown for September 2024, remittances from Saudi Arabia were the highest among contributing countries, amounting to $681.3 million. This represents a 4% decrease from the previous month but a 27% increase from September of the previous year.Â
Remittances from the United Arab Emirates showed a monthly increase of 4%, totaling $560.3 million, and an impressive year-on-year rise of 40%.
Conversely, remittances from the United Kingdom totaled $423.6 million for the month, reflecting an 11% decrease from August 2024 but a 36% increase year-on-year.
Meanwhile, inflows from the European Union slightly decreased by 3% month-on-month to $365.3 million, and remittances from the United States dropped by 15% from the previous month to $274.9 million.
