Remittances surge by 29% in September

The remittances from overseas Pakistanis increased by 29 percent in September to $2.85 billion, compared to $2.21 billion in the same month of last year, according to the statistics shared by the State of Pakistan (SBP).

The data showed that the graph declined by 3.2 percent to $2.94 billion month-on-month. However, the country received $8.79 billion in the initial three months of the ongoing fiscal year, compared to $6.33 billion in FY24. 

It depicted that the country received 38.8 percent additional remittances compared to the corresponding year.

Workers from Saudi Arabia were spotted top with $681.35 million in remittances, which showed a 26.6 percent increase YoY.

Meanwhile, Pakistani workers in UAE sent $560.28 million in September, up 40.1 percent YoY. In September, after a 36.1 percent increase, UK workers sent $423.61 million.

Moreover, the inflows from EU countries remain at $365.29 million following an increase of 4.2 percent YoY.

Workers in Gulf countries sent a high number of remittances, which increased by 35.5 percent to $291.35 million YoY.

Remittances from overseas Pakistanis have been showing consecutive increases since the beginning of the current fiscal year.  In the 2MFY25, an increase of 44 percent was recorded.

Cumulatively, overseas Pakistanis had sent $5.936 billion in inflows during July-August, compared to $4.123 billion in the previous year.

According to the data, the last two weeks of the first two months of ongoing FY25 showed an increasing trend from the United Arab Emirates (UAE).

The highest inflows were from Saudi Arabia, which rose 50.7 percent. Remittances from the Kingdom increased to $1.473 billion during July-August FY25, compared to the responding year.