Overseas workers’ remittances surge by 54.2 per cent in May 2024

ISLAMABAD: The State Bank of Pakistan (SBP) reported on Friday that overseas workers’ remittances increased by a significant 54.2 per cent year-on-year (YoY) in May, reaching $3.24 billion compared to $2.1 billion in the same month last year.

On a monthly basis, remittances also showed a positive trend, rising by 15.3 per cent from $2.81 billion in April.

Cumulatively, for the 11 months of the fiscal year 2024 (11MFY24), total remittances amounted to $27.09 billion, marking a 7.75 per cent YoY increase from the $25.15 billion recorded during the same period in the previous fiscal year.

Saudi Arabia maintained its position as the largest contributor, with remittances from the Kingdom reaching $819.28 million in May, a 56.4 per cent increase from the previous year.

The United Arab Emirates (UAE) followed as the second-largest source, sending $668.48 million in May, a remarkable 99.0 per cent YoY increase.

Remittances from Pakistanis in the United Kingdom totaled $473.22 million, up 54.4 per cent YoY.

Additionally, inflows from the United States were $359.55 million, showing a 39.8 per cent increase YoY.

The SBP data further highlighted a 36.4 per cent YoY rise in remittances from EU countries, totaling $339.99 million.

This surge in remittances underscores the critical role overseas Pakistani workers play in supporting the nation’s economy through their contributions.

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