Inflow Of Workers’ Remittance Increases 40.5% During August

Faizan Hashmi Published September 09, 2024 | 10:02 PM

Workers’ remittances from overseas to Pakistan recorded an inflow of $ 2.942 billion during August 2024 depicting an increase of 40.5 percent as compared to nearly $2.1 billion inflows of corresponding month of the previous year

KARACHI, (UrduPoint / Pakistan Point News - 9th Sep, 2024) Workers’ remittances from overseas to Pakistan recorded an inflow of $ 2.942 billion during August 2024 depicting an increase of 40.5 percent as compared to nearly $2.1 billion inflows of corresponding month of the previous year.

The remittances inflows during August 2024, according to the monthly report issued by State Bank of Pakistan on Monday, were mainly sourced from Saudi Arabia, United Arab Emirates, United Kingdom and United States of America as well as European Union (EU) and GCC countries and Australia.

According the report, overseas Pakistanis working in Saudi Arabia remitted $713.1 million, from United Arab Emirates $538.4 million, from United Kingdom $474.8 million, from United States of America $322.

4 million and from EU countries $375.8 million to the homeland.

The contribution of expatriates in remittances from Italy was $109 million, Oman $94.4 million, Qatar $80.6 million, Kuwait $69.9 million, Spain $67 million, Germany $59.1 million, Australia $58.7 million, France $48.2 million, Greece 44.1 million, Canada $42.1 million and from Bahrain $36.5 million.

The remittance inflow during the first two months of fiscal year 2024-25 also registered a significant year on year increase of 44 percent over the corresponding period of the previous fiscal year.

The inflow of workers’ remittances during July-August 2024 was recorded as $5.937 billion while remittances during the first two months of FY2023-24 had remained $4.123 billion.