Workers’ remittances record US$3bn inflow during July

KARACHI: Remittances sent by overseas Pakistanis recorded an inflow of US$ 3 billion during July 2024, the first month of the current fiscal year, ARY News reported citing the State Bank of Pakistan (SBP).

In a statement issued here, the central bank said that in terms of growth during July 2024, remittances increased by 47.6 percent on a year-on-year basis

“Remittances inflows during July 2024 were mainly sourced from Saudi Arabia (US$761.1 million), United Arab Emirates (US$611.1 million), United Kingdom (US$ 443.5 million), and, the United States of America (US$300.1 million),” the SBP’s statement read.

Read More: Workers’ remittances increased by 54.2pc YoY in May

Earlier, the SBP reported  the workers’ remittances increased by 10.7 percent during the fiscal year 2023-24 compared to the inflows of the fiscal year 2022-23.

According to latest SBP data, workers’ remittance were recorded at US$ 30.3 billion during the fiscal year 2023-24 as compared to the inflows of US$ 27.3 billion recorded in FY2022-23.

Meanwhile, on year-on-year basis, the workers’ remittances increased by 44.4 percent to US$3.2 billion during June 2024 compared to the corresponding month of last year.