The influx of foreign remittances from overseas workers substantially rose to $3 billion in March 2024, marking a 31.3% increase compared to $2.25 billion in February 2024, according to data released by the State Bank of Pakistan (SBP) on Monday.
On an annual basis, foreign remittances showed a 16.4% growth, reaching $2.54 billion in March 2023. These remittances play a crucial role in bolstering the country’s external account, driving economic activity in Pakistan, and supplementing the incomes of remittance-dependent households.
In the first nine months of FY24, foreign remittances totaled $21.0 billion, up 0.9% from $20.8 billion in 9MFY23.
Breakdown of Remittances:
- Saudi Arabia remained the top contributor, with overseas Pakistanis sending $703.1 million in March 2024, up 30% from the previous month and 24% from the previous year.
- Remittances from the UAE surged by 43% month-on-month, reaching $548 million in March 2024, a 34% increase from the same period in 2023.
- The United Kingdom saw an increase of 33% in remittances, totaling $462 million in March 2024, surpassing the $346 million in February.
- Remittances from the European Union amounted to $315 million in March 2024, up by 19% monthly and 6% yearly.
- Overseas Pakistanis in the US sent $373 million in March 2024, showing an 18% annual increase and a 30% increase from the previous month.
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