According to the State Bank of Pakistan (SBP), the amount of money sent by overseas workers to Pakistan reached $2.943 billion in August, marking a substantial increase of 40.5% compared to the same period last year. However, this figure was 2% lower than the remittances received in July 2024, which amounted to $2.994 billion.
In the fiscal year 2MFY25, remittances grew by 44% year-on-year, totaling $5.9 billion, in comparison to $4.1 billion in 2MFY24.
These remittances significantly contribute to the country’s external account and help boost economic activity in Pakistan while also providing additional income to households dependent on remittances.
The largest amount of remittances in August 2024 came from overseas Pakistanis in Saudi Arabia, sending $713.1 million, which was 6.2% lower than the previous month but 45.2% higher than the same period last year.
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Remittances from the United Arab Emirates (UAE) declined by 12% from July to August yet increased by 74.6% compared to the previous year. Similarly, remittances from the United Kingdom and the European Union also saw positive growth.
Lastly, overseas Pakistanis in the US sent $322.4 million in August 2024, representing a 7.4% increase from the previous month.
