In the first month of the current fiscal year, overseas Pakistanis sent a substantial $3 billion in remittances back to their homeland, according to a report by the State Bank of Pakistan (SBP).
This marks a significant 48% increase in remittances compared to July 2023, highlighting the continued financial support from the Pakistani diaspora.
Saudi Arabia emerged as the top source of remittances in July 2024, with Pakistanis working in the Kingdom sending home $760 million. This was followed by remittances from the United Arab Emirates (UAE), which amounted to $610 million, and the United Kingdom, contributing $440 million.
Despite the year-on-year growth, remittances in July 2024 saw a slight decline of 5% compared to June 2024, indicating a possible seasonal fluctuation.
Nonetheless, the overall inflow of funds from overseas Pakistanis remains a vital component of the country’s economy, providing crucial support amidst ongoing economic challenges.
Meanwhile, the SBP announced an increase in the country's foreign exchange reserves, reflecting a positive trend in the financial landscape.
According to the latest data, total domestic foreign exchange reserves rose by $8 million, reaching a total of $14.047 billion.
The SBP's own reserves saw a significant increase of $511 million, bringing the total to $9.15 billion. Additionally, deposits held by commercial banks experienced a rise of $291 million, now totaling $5.31 billion.
