Pakistan’s worker remittances surged 24% year-on-year (YoY) to reach $3.052 billion in October 2024, from $2.463 billion in the same month last year.
According to the latest data released by the State Bank of Pakistan (SBP) on Friday, remittances rose by 7% month-on-month (MoM) in October, up from $2.86 billion in September.
For the first four months of the fiscal year FY2024-25, total remittances surged to $11.8 billion, indicating a 35% increase compared to the $8.8 billion recorded during the same period last year.
In October, remittances from Saudi Arabia reached $766.7 million, marking a 12% month-on-month increase and a 24% rise from the same month last year.
From the United Arab Emirates, inflows increased by 10% month-on-month, reaching $620.9 million, with a 31% jump compared to October 2023.
Inflows from the United Kingdom were $429.5 million, showing a slight 1% increase from September and a 30% year-on-year improvement.
Remittances from the European Union saw a minor month-on-month dip, standing at $359.1 million, while inflows from the United States reached $299.3 million, reflecting an 8% increase.
This growth in worker inflows is attributed to a stable exchange rate, a narrowing gap between open market and inter-bank rates, the expansion of digital payment options, and an increase in workers relocating abroad, particularly to Gulf Cooperation Council (GCC) countries.
