Significant Growth in Pakistan’s Workers’ Remittances in September 2024

Islamabad: Pakistan has experienced a substantial increase in workers’ remittances, recording an inflow of US$ 2.8 billion in September 2024. This marks a notable 29.0 percent year-on-year growth, reflecting a robust upward trend in the financial contributions from the Pakistani diaspora.

According to State Bank of Pakistan, the total remittances for the first quarter of fiscal year 2025 amounted to US$ 8.8 billion, which is a 38.8 percent increase over the same period last year. The main sources of these remittances were Saudi Arabia, contributing $681.3 million, followed by the United Arab Emirates with $560.3 million, the United Kingdom at $423.6 million, and the United States at $274.9 million.

This significant growth in remittances underscores the crucial role of overseas Pakistani workers in bolstering the national economy. The consistent rise in remittance inflows is a positive indicator for the country’s economic stability and foreign exchange reserves.

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