Pakistan records $3.16 billion in overseas remittances for June 2024

ISLAMABAD: Overseas workers’ remittances to Pakistan reached $30.3 billion in the fiscal year 2023-24, marking a 10.7 per cent increase compared to the previous fiscal year’s $27.3 billion, according to data released by the State Bank of Pakistan (SBP) on Tuesday.

In June 2024 alone, remittances amounted to $3.16 billion, showing a slight decrease of 3 per cent from $3.24 billion in May 2024. However, on an annual basis, June’s remittances surged by 44 per cent from $2.2 billion in June of the previous year.

These remittances play a crucial role in bolstering Pakistan’s external account and supporting its economic activity, while also contributing to the incomes of households reliant on remittances.

Looking ahead, the World Bank’s ‘Migration and Development Brief 40’ anticipates a recovery in remittances to Pakistan, projecting a 7 per cent growth to $28 billion in 2024 and a further 4 per cent increase to approximately $30 billion in 2025. Pakistan was noted among the top five countries globally for remittance receipts in 2023.

Breakdown of the June 2024 remittances reveals that the largest contributions came from overseas Pakistanis in Saudi Arabia, sending $808.6 million, though this marked a 1 per cent monthly decline. Nevertheless, it represented a substantial 57 per cent increase from the same period last year when $516.1 million was remitted.

From the United Arab Emirates (UAE), remittances amounted to $654.3 million in June, down 2 per cent from May 2024, yet showing a notable 101 per cent rise from June 2023’s $324.8 million. Remittances from the United Kingdom rose by 3 per cent to $487.4 million in June, compared to $473 million in May 2024.

Conversely, remittances from the European Union saw a 3 per cent decline month-on-month, amounting to $330 million in June 2024. Remittances from the United States also decreased by 10 per cent month-on-month, totaling $322.1 million in June 2024.

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