Workers’ remittances to Pakistan saw a significant year-on-year increase of 29.08% in November 2024, reaching $2.915 billion compared to $2.259 billion in the same month last year, according to the latest data released by the State Bank of Pakistan (SBP) on Monday.
However, on a month-on-month basis, remittances declined by 4.56% from $3.055 billion recorded in October 2024.
In the first five months of the current fiscal year (5MFY25), total remittances amounted to $14.766 billion, marking a robust 33.59% increase compared to $11.053 billion received during the same period in 5MFY24.
Saudi Arabia remained the largest source of remittances in November, with inflows of $729.22 million, reflecting a 34.15% year-on-year increase. The United Arab Emirates (UAE) followed as the second-largest contributor, sending $619.42 million, a sharp 50.44% rise compared to November last year.
Pakistani workers in the United Kingdom sent $409.89 million during the month, up 19.79% year-on-year, while remittances from European Union (EU) countries totaled $323.06 million, showing a 20.27% increase.
Inflows from other Gulf Cooperation Council (GCC) countries also rose significantly, reaching $303 million, a 24.55% year-on-year increase.
