Karachi (TDI): Foreign worker remittances are set to reach the $36 billion mark by the end of this fiscal year, according to analysts at Topline Securities.
In the first four months of FY2024-25, remittances recorded a record 35% year-on-year increase to $11.8 billion. The share of the key markets was as follows: UAE (56%), Saudi Arabia (37%), and the UK (39%).
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The analysts believed the surge was due to the stability in PKR, and higher export of manpower in the last couple of years. They predicted that the remittances could further surge by 16 per cent YoY by the end of FY24-25 to $ 35-36 billion.
As per the data, the highest inflows were registered from Saudi Arabia ($766.7 million), followed by the United Arab Emirates ($620.9 million), the United Kingdom ($429.5 million), European Union countries ($359.1 million), and the United States ($299.3 million).
