Remittances sent by overseas Pakistanis surged by 47.6 percent to $3 billion in July 2024, compared to $2 billion reported in the same month of the previous fiscal year. However, on a month-on-month basis, remittances fell by 5 percent from $3.16 billion in June 2024.
This marks the third consecutive month that remittances have remained near or above the $3 billion level, with inflows exceeding $3 billion in each of the previous two months.
The remittance inflows in July 2024 were primarily sourced from Saudi Arabia ($761 million), the United Arab Emirates ($611 million), the United Kingdom ($443 million), and the United States ($300 million).
It is noteworthy that remittances increased by 10.7 percent to $30.25 billion in the fiscal year 2023-24 (FY24), compared to $27.3 billion in FY23. After disappointing inflows in the early part of FY24, remittances picked up significantly, with $2.95 billion in March 2024, $2.81 billion in April 2024, and a record-high $3.24 billion in May 2024.
The consistent high levels of remittances in recent months reflect the resilience and commitment of overseas Pakistanis in supporting their home country’s economy.
