Pakistan’s remittances jump to 30.3bn in FY2023-24

The workers' remittances increased by 10.7 percent during the fiscal year 2023-24 compared to the inflows of fiscal year 2022-23, the State Bank of Pakistan (SBP) said Tuesday.

According to the latest SBP data, workers' remittances were recorded at USD 30.3 billion during the fiscal year 2023-24, compared to the inflows of USD 27.3 billion recorded in FY2022-23.

On a year-on-year basis, workers' remittances increased by 44.4 percent to USD 3.2 billion in June 2024 compared to the corresponding month of the previous year.

Remittance inflows during June 2024 were mainly sourced from:

Saudi Arabia: USD 808.6 million

United Arab Emirates: USD 654.3 million

United Kingdom: USD 487.4 million

United States of America: USD 322.1 million

This significant increase highlights the crucial role of overseas Pakistanis in supporting the country's economy through remittances.