Karachi : As per data released on Wednesday by the State Bank of Pakistan (SBP) the worker remittances recorded an inflow of US$ 2.8 billion during September 2024.
In terms of growth, remittances increased by 29.0 percent on y/y basis.
Cumulatively with inflow of US$ 8.8 billion in Q1-FY25, workers’ remittances grew by 38.8 percent over Q1-FY24.
Remittances inflows during September 2024 were mainly sourced from Saudi Arabia ($681.3 million), United Arab Emirates ($560.3 million), United Kingdom ($423.6 million) and United
States of America ($274.9 million.
Pakistan ‘s growing remittances show trust of expats in Pakistan’s financial recovery. Considerable growth in the worker remittances in the first quarter of the current fiscal give hope of good days for Pakistan in coming weeks and months.
Pakistan hed seen major decline in its remittances in last fiscal which added to its economic woes , forcing it to borrow massively from international donors to plug gap of the current account.