There’s good news and slight hesitation in the latest worker remittance figures for Pakistan. In February 2024, compared to the same month last year, remittances jumped by 18%, reaching $2.25 billion. This increase comes just ahead of the holy month of Ramadan, when overseas Pakistanis traditionally send more money home.

However, there’s a small wrinkle. On a month-to-month basis, remittances actually dipped by 6% from January. Analysts attribute this to February having fewer working days. Despite the slight dip, the daily average remittance amount actually rose slightly compared to January.

Looking at the bigger picture, remittances for the first eight months of the current fiscal year (July to February) are down a small 1.25% compared to the same period last year. However, there’s optimism for a rebound. The central bank governor expects remittances to reach $28 billion for the entire fiscal year, exceeding the $27 billion from the previous year.

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