Workers’ remittances increased by 27.9pc

KARACHI: Remittances sent by overseas Pakistanis reached US$2.8 billion in April 2024 which represents a 27.9 percent increase as compared to the same month last year, ARY News reported citing the State Bank of Pakistan (SBP).

According to the data issued by the central bank, remittances inflows during April 2024 were mainly sourced from Saudi Arabia (US$ 712.0 million), the United Arab Emirates (US$ 542.3 million), the United Kingdom (US$ 403.2 million) and United States of America (US$ 329.2 million).

“Cumulatively, with inflow of US$ 23.8 billion, workers’ remittances increased by 3.5 percent during first 10 months of the current fiscal year as compared to the same period last year,” the SBP added in a statement.

Earlier, the overseas workers’ remittances recorded an inflow of US$3 billion during March 2024.

In terms of growth, during the month under review, remittances increased by 31.3 percent on month on month basis and 16.4 percent on year on year basis.

Workers’ remittances inflow of US$ 21.0 billion was recorded during the first nine months of the fiscal year 2023-24 as compared to US$ 20.8 same period of last year.

Workers’ Remittances inflows during March 24 were mainly sourced from Saudi Arabia (US$703.1 million), United Arab Emirates (US$548.5 million), United Kingdom (US$461.5 million) and United States of America (US$372.5 million).

Workers’ remittances increased by 27.9pc YoY in April