Remittances from overseas Pakistanis saw a significant increase of 29% year-on-year (YoY) in September 2024, reaching $2.85 billion compared to $2.2 billion in the same month last year. According to Topline Securities, this marks the highest remittance inflow ever recorded for September.

Despite the impressive year-on-year growth, remittances experienced a slight decline of 3% on a month-on-month basis, down from $2.94 billion in August 2024.

A detailed breakdown of the remittance sources reveals that Saudi Arabia led the inflows with $681 million, followed by the United Arab Emirates (UAE) with $560 million, the United Kingdom (UK) with $424 million, European Union (EU) countries with $365 million, and the United States (US) with $275 million.

The remittances from Saudi Arabia increased by 27% YoY, while those from the UAE and the US rose by 40% YoY and 4% YoY, respectively. Inflows from EU countries saw a 35% YoY increase, and those from the UK grew by 36% YoY.

In the first quarter of the fiscal year 2025 (1QFY25), total remittances surged by 39% YoY, amounting to $8.8 billion.