Workers’ remittances increased by 54.2pc YoY in May

ISLAMABAD: Remittances sent by overseas Pakistanis remittances recorded an inflow of US$3.2 billion during May 2024, ARY News reported citing the State Bank of Pakistan (SBP).

In a statement issued here, the central bank said that remittances increased by 15.3 percent on a month-on-month basis in terms of growth during the month. The SBP added the overseas workers’ remittances increased by 54.2 percent on a year-on-year basis.

“Cumulatively, with the inflow of US$ 27.1 billion, the workers’ remittances increased by 7.7 percent during the first eleven months of fiscal year 2024-25 compared to the same period last year,” the SBP’s statement read.

The central bank added that the workers remittances inflows during May 2024 were mainly sourced from Saudi Arabia (US$819.3 million), the United Arab Emirates (US$668.5 million), the United Kingdom (US$473.2 million), and the United States of America (US$359.5 million).

Earlier in the last, the workers’ 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.

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.