Pakistan has witnessed a remarkable uptick in workers' remittances during March 2024, as reported by the State Bank of Pakistan (SBP) on Monday.
The influx reached a staggering $3 billion, marking a notable 31.3% increase compared to the previous month and a substantial 16.4% surge year-on-year.
According to the latest data released by the SBP, the cumulative remittances for the first nine months of FY24 amounted to $21 billion. This figure demonstrates a notable rise of 0.9% in comparison to the corresponding period of FY23, which recorded remittances at $20.8 billion.
The bulk of remittances during March 2024 originated from key countries, with Saudi Arabia leading the pack contributing $703.1 million, followed closely by the United Arab Emirates with $548.5 million. The United Kingdom and the United States of America also played significant roles, contributing $461.5 million and $372.5 million respectively to Pakistan's remittances inflow.
This surge in remittances underscores the resilience of overseas Pakistanis, whose contributions continue to serve as a vital economic lifeline for the nation. The steady increase in remittances not only reflects the trust and confidence of overseas Pakistanis in their homeland's economic stability but also highlights their unwavering support in times of global economic challenges.
The substantial rise in remittances is expected to have positive implications for Pakistan's economy, contributing to foreign exchange reserves and bolstering the country's financial outlook amidst global economic uncertainties.
