Pakistan witnessed an inflow of $30.3 billion in remittances in the last fiscal year, the country’s central bank announced on Tuesday. This marks a 10.7 percent increase compared to $27.3 billion in the previous financial year, with much of the inflow sourced from the Middle East.
Workers’ remittances are 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, particularly in the Middle East, to ensure a steady increase in remittances, which are deemed crucial for the country’s economic growth.
“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 a year-on-year basis.”
“Cumulatively, with an inflow of $30.3 billion, workers’ remittances increased by 10.7 percent during FY24 compared to the inflow of $27.3 billion recorded in FY23,” it added.
The SBP stated that 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).
