Pakistan sees 29 per cent surge in remittances in September 2024

ISLAMABAD: Overseas Pakistanis sent a whopping $2.849 billion back home in September 2024, marking a significant 29 per cent jump compared to the same month last year when the figure was $2.208 billion.

While this sounds like great news, there was a slight dip from August 2024, as remittances were 3 per cent lower than the $2.943 billion sent in the previous month.

Looking at the bigger picture, in the first three months of the current financial year (3MFY25), remittances reached an impressive $8.8 billion—nearly 39 per cent higher than the $6.3 billion sent during the same period last year. So, what’s the reason behind this surge?

Experts say the Pakistani rupee has become more stable, the gap between open market and interbank rates is closing, and more workers are moving abroad, boosting these inflows.

Remittances play a crucial role in supporting Pakistan’s economy. Not only do they strengthen the country’s external finances, but they also provide extra cash to families that depend on money from their loved ones overseas.

A closer look at the numbers shows that Pakistanis working in Saudi Arabia were the top contributors in September 2024, sending home $681.3 million. Although this was 4 per cent less than what they sent in August, it was still 27 per cent more than the $538.3 million they sent in September last year.

From the UAE, things were looking up. Remittances increased by 4 per cent compared to August, rising from $538.4 million to $560.3 million. Even more impressive, on a yearly basis, the amount jumped by a massive 40 per cent compared to $399.8 million in September 2023.

Workers in the United Kingdom sent $423.6 million in September 2024, which was 11 per cent less than in August. But compared to last year, this still represented a 36 per cent increase.

Meanwhile, remittances from the European Union dropped slightly by 3 per cent compared to August, coming in at $365.3 million for September 2024.

Lastly, Pakistanis in the United States sent $274.9 million in September, a 15 per cent drop from the previous month.

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