Karachi September 9 2024: In August 2024, Pakistan’s workers’ remittances amounted to US$2,942.8 million, marking a significant increase of 40.5 percent compared to US$2,094.5 million in August 2023, according to data released by State Bank of Pakistan.
This growth indicates a significant upward trend in remittances over the past year. Key contributors include the United States, which recorded US$322.4 million, reflecting a 22.7 percent increase from the previous year, and the UK, with US$474.8 million, showing a remarkable 44.0 percent rise.
Saudi Arabia also experienced a substantial boost, with remittances reaching US$713.1 million, up by 45.2 percent. The UAE saw a sharp increase of 74.6 percent, totaling US$538.4 million, largely driven by contributions from Dubai at US$427.0 million and Abu Dhabi at US$104.6 million. Other GCC countries and EU nations also posted positive growth, with notable gains from Malaysia, South Africa, and South Korea, underscoring a broader global increase in remittances to Pakistan.
During the period from July to August 2024, country receive worker remittances of US$5,937 million, higher by 44.0 percent compared to inflows of US$4,123 million in the same period last year.
