Pakistan records 10.7 percent surge in remittances during last fiscal year, much of it from Mideast

ISLAMABAD: Pakistan witnessed an inflow of $30.3 billion in remittances in the last fiscal year, the country’s central bank announced on Tuesday, marking a 10.7 percent increase compared to $27.3 billion in the previous financial year, much of which was sourced from the Middle East.
Workers’ remittances form a cornerstone of Pakistan’s economy, significantly contributing to the country’s foreign exchange reserves and reducing the current account deficit.
The government has actively promoted the employment of Pakistanis abroad, especially in the Middle East, to ensure a steady increase in them, which are deemed crucial for the economic growth of the country.
“Workers’ remittances recorded an inflow of $3.2 billion during June 2024,” the State Bank of Pakistan (SBP) said while sharing the data for the previous month that marked the end of the last fiscal year. “In terms of growth, during June 2024, remittances increased by 44.4 percent on [year-on-year] basis.”
“Cumulatively, with inflow of $30.3 billion workers’ remittances increased by 10.7 percent during FY24 compared to inflow of $ 27.3 billion recorded in FY23,” it added.
The SBP said the remittance inflows last month were mainly sourced from Saudi Arabia ($808.6 million), the United Arab Emirates ($654.3 million), the United Kingdom ($487.4 million) and the United States ($322.1 million).