Workers’ remittances from UAE to Pakistan surge by over 93 per cent

WEB DESK: Workers’ remittances to Pakistan surged by 47.6 per cent year-on-year in July, reaching $3 billion, up from $2.03 billion in the same month last year, according to the latest data from the State Bank of Pakistan (SBP).

However, on a monthly basis, remittances saw a decrease of 5.2 per cent, compared to $3.16 billion in June

Saudi Arabia was the largest source of these remittances, contributing $761.09 million, marking a 56.4 per cent increase from the previous year. The United Arab Emirates followed as the second largest contributor, sending $611.08 million in July, which represents a significant 93.7 per cent rise year-on-year.

Pakistani workers in the United Kingdom sent $443.46 million during the month, a 44.7 per cent increase compared to July of the previous year. Additionally, remittances from European Union countries amounted to $350.85 million, up by 24.4 per cent year-on-year.

Remittances from Pakistani expatriates in the United States also rose, reaching $300.08 million, which is a 23.8 per cent increase from the same month last year.

Workers’ remittances, which encompass cash or goods sent by migrants to support their families, play a crucial role in Pakistan’s foreign exchange earnings.

These transfers are vital for many countries, providing significant support for development and helping to finance Pakistan’s trade and primary income deficits over the past fifty years.

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