Karachi October 9 2024: In September 2024, total worker remittances amounted to USD 2,849 million, an increase of 29% compared to September 2023, according to data released by State Bank of Pakistan.
During the first quarter of FY25 (3MFY25) saw total remittances of USD 8,786 million, marking a 38.8% increase from the first quarter of FY24 (USD 6,332 million). In absolute terms, remittances are USD 2,452 million higher in first quarter of FY25.
However, compared to August 2024 (USD 2,943 million) remittances decline by 3.2%.
Saudi Arabia remained a major source of remittances, contributing USD 681 million in September 2024. Year-on-year, remittances from Saudi Arabia grew by 26.6% (USD 538 million in September 2023), though they decreased by 4.5% from August 2024 (USD 713 million) month-on-month. The 3MFY25 remittances amounted to USD 2,155 million, a 42.1% rise compared to 3MFY24.
The United Arab Emirates showed an increase in remittances to USD 560 million in September 2024, 40.1% higher year-on-year (USD 400 million in September 2023) and up 4.1% from August 2024 (USD 538 million) month-on-month. The cumulative remittances for 3MFY25 reached USD 1,710 million, a 67.0% increase from 3MFY24.
Inflows from other Gulf Cooperation Council (GCC) countries stood at USD 291 million in September 2024, a 17.4% rise year-on-year (USD 248 million in September 2023) and a 3.6% increase from August 2024 (USD 281 million) month-on-month. The 3MFY25 remittances totalled USD 861 million, up 19.4% from 3MFY24.
Remittances from the USA stood at USD 275 million in September 2024, showing a 4.2% increase year-on-year (USD 264 million in September 2023) but down 14.7% from August 2024 (USD 322 million) month-on-month. The cumulative remittances for 3MFY25 from the USA were USD 897 million, representing a 16.9% rise compared to 3MFY24.
Remittances from the U.K. totalled USD 424 million in September 2024, surging by 36.1% year-on-year (USD 311 million in September 2023). However, month-on-month, remittances from the U.K. dropped by 10.8% from August 2024 (USD 475 million). The first quarter (3MFY25) saw a total of USD 1,342 million, a strong 41.6% increase from 3MFY24.
Remittances from EU countries totalled USD 365 million in September 2024, up 35.5% year-on-year (USD 270 million in September 2023) but down 2.8% from August 2024 (USD 376 million) month-on-month. The cumulative total for 3MFY25 was USD 1,092 million, a 29.4% rise compared to 3MFY24.
Remittances from other countries reached USD 252 million in September 2024, marking a substantial 42.4% growth year-on-year (USD 177 million in September 2023) and a 6.5% increase from August 2024 (USD 237 million) month-on-month. The total for 3MFY25 amounted to USD 729 million, a 42.6% increase compared to 3MFY24.
