ISLAMABAD,(TDI): Pakistan experienced a remarkable 29% increase in remittances, with overseas Pakistanis sending home $2.849 billion in month of September.
This rise is significant compared to $2.208 billion sent in the same month last year.
Despite this encouraging trend, there was a slight dip from August 2024, where remittances reached $2.943 billion—a 3% decrease.
Looking at the first three months of the current financial year (3MFY25), remittances have reached $8.8 billion, which is nearly 39% higher than the $6.3 billion recorded during the same period last year.
Experts attribute this surge to a more stable Pakistani rupee, a narrowing gap between open market and interbank rates, and an increase in the number of workers going abroad.
Remittances are vital for Pakistan’s economy, bolstering external finances and providing essential support to families relying on funds from relatives overseas.
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In September 2024, Pakistani workers in Saudi Arabia were the largest contributors, sending home $681.3 million. While this is a 4% decrease from August, it represents a 27% increase from the $538.3 million sent in September last year.
From the UAE, remittances rose by 4% compared to August, climbing from $538.4 million to $560.3 million. Year-on-year, this marks an impressive 40% increase from $399.8 million in September 2023.
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Workers in the United Kingdom sent $423.6 million in September 2024, an 11% decline from August, but still a 36% increase compared to last year.
Remittances from the European Union saw a slight drop of 3% from August, totaling $365.3 million for September 2024.
Remittances from the United States totaled $274.9 million in September, marking a 15% decrease from the previous month.
