Pakistan’s remittances clock in at $2.8b in April, up 27.9pc YoY
Inflow of overseas workers’ remittances increased to $2.812 billion in April 2024, 27.9 percent higher on a year-on-year (YoY) basis when compared to $2.198 billion in April 2023, showed data released by the State Bank of Pakistan (SBP) on Thursday.
On a month-on-month (MoM) basis, the inflow of remittances registered a decline of 4.8 percent as it had stood $2.954 billion (revised) in March 2024, data showed. Home remittances play a significant role in supporting the country’s external account, stimulating Pakistan’s economic activity as well as supplementing the disposable incomes of remittance-dependent households.
During first 10 months of FY24, workers’ remittances recorded an inflow of $23.8 billion, an increase of 3.5 percent as compared to $23.04 billion remittances recorded during 10MFY23.
Overseas Pakistanis in Saudi Arabia maintained their top spot, remitting the largest amount in April 2024 as they sent $712 million during the month. The amount increased by 1.26 percent MoM and 45.3 percent YoY.
Inflows from the United Arab Emirates (UAE) declined on a monthly basis, from $548.5 million in March to $542.3 million in April. On a yearly basis, the remittances registered an increase of 42.6 percent, as compared to $380.1 million reported in the same month last year.
Remittances from the United Kingdom (UK) amounted to $403.2 million during April, an increase of 14 percent as compared to $353.6 million in the same month the previous year.
Remittances from the European Union (EU) surged 15.7 percent on a yearly basis as they amounted to $257.5 million in March 2024. On a monthly basis, they were down 5.3 percent. Overseas Pakistanis in the US sent $329.2 million in April 2024, a YoY increase of 21.07 percent while 11.64 percent decrease on a monthly basis.
Earlier, inflow of overseas workers’ remittances significantly increased to $3 billion in March 2024, 31.3 percent higher on a month-onmonth (MoM) basis when compared to $2.25 billion in February 2024, showed data released by the State Bank of Pakistan (SBP) last month.
On a yearly basis, the monthly inflow of remittances registered an increase of 16.4 percent as it stood at $2.54 billion in the same month of the previous year, data showed. Home remittances play a significant role in supporting the country’s external account, stimulating Pakistan’s economic activity as well as supplementing the disposable incomes of remittancedependent households.