Inflow of overseas workers’ remittances increased to $2.812 billion in April 2024, 27.9% higher on a year-on-year (YoY) basis when compared to $2.198 billion in April 2023, showed data released by the State Bank of Pakistan (SBP) on Thursday.
On a month-on-month (MoM) basis, the inflow of remittances registered a decline of 4.8% as it had stood $2.954 billion (revised) in March 2024, data showed.
Home remittances play a significant role in supporting the country’s external account, stimulating Pakistan’s economic activity as well as supplementing the disposable incomes of remittance-dependent households.
Pakistan’s remittances jump to $3bn in March, up 31.3% MoM
During first 10 months of FY24, workers’ remittances recorded an inflow of $23.8 billion, an increase of 3.5% as compared to $23.04 billion remittances recorded during 10MFY23.
Breakdown
Overseas Pakistanis in Saudi Arabia maintained their top spot, remitting the largest amount in April 2024 as they sent $712 million during the month. The amount increased by 1.26% MoM and 45.3% YoY.
Inflows from the United Arab Emirates (UAE) declined on a monthly basis, from $548.5 million in March to $542.3 million in April. On a yearly basis, the remittances registered an increase of 42.6%, as compared to $380.1 million reported in the same month last year.
Pakistan’s remittances clock in at $2.25bn in February, up 13% YoY
Remittances from the United Kingdom (UK) amounted to $403.2 million during April, an increase of 14% as compared to $353.6 million in the same month the previous year.
Remittances from the European Union (EU) surged 15.7% on a yearly basis as they amounted to $257.5 million in March 2024. On a monthly basis, they were down 5.3%.
Overseas Pakistanis in the US sent $329.2 million in April 2024, a YoY increase of 21.07% while 11.64% decrease on a monthly basis.
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