Remittances sent by overseas Pakistanis saw a significant increase of 40 percent, reaching $2.943 billion in August 2024, compared to $2.094 billion in the same month of the previous fiscal year (FY24). This marks the fourth consecutive month that remittances have hovered near or above the $3 billion mark, with inflows recorded at $3.242 billion in May 2024, $3.158 billion in June 2024, and $2.994 billion in July 2024.

Despite the year-on-year growth, remittances experienced a slight decline on a month-on-month basis, falling by 2 percent in August 2024 compared to the $2.994 billion reported in July 2024.

The remittance inflows in August 2024 were primarily sourced from key countries, including Saudi Arabia ($713 million), the United Arab Emirates ($538 million), the United Kingdom ($475 million), and the United States ($322 million).

For the first two months of the current fiscal year (2MFY25), remittances increased by 44 percent, totaling $5.937 billion, compared to the same period in the previous fiscal year (2MFY24).