In September 2023, overseas workers’ remittances reached a total of US$2.2 billion. This month-on-month comparison shows a growth rate of 5.3 percent.
During the initial three months of the fiscal year 2023-24, a cumulative sum of US$6.3 billion in workers’ remittances has been received.
In September 2023, the bulk of remittance inflows originated from Saudi Arabia ($538.2 million), the United Kingdom ($311.1 million), the United Arab Emirates ($400 million), and the United States of America ($263.4 million).
For August 2023, Pakistan’s foreign worker remittances amounted to $2.1 billion, marking a 3.1% increase compared to the $2.03 billion recorded in July. This data was reported by ARY News, citing the State Bank of Pakistan (SBP).
However, in a year-on-year comparison, Pakistan’s monthly remittance inflow witnessed a 24% decline, standing at $2.7 billion in the same month of the previous year, as per the central bank’s data.
During the first two months of FY24 (July-August), workers’ remittances amounted to $4.1 billion, marking a significant YoY decline of 22% or $1.13 billion compared to the $5.3 billion recorded in the corresponding period of FY23.
In August 2023, the largest remittance inflow came from overseas Pakistanis in Saudi Arabia, with a total of $490.1 million sent during the month. This amount showed a 1% monthly improvement but was nearly 29% lower than the $692.6 million sent by expatriates in the same month of the previous year.
