ISLAMABAD: Inflows of workers’ remittances from overseas reached nearly $3 billion in July, up a massive 48 percent year-on-year compared to $2.03 billion in the same month of the previous year, data released by the State Bank of Pakistan (SBP) showed on Saturday.
According to a report, in the first month of the current fiscal year, overseas Pakistanis sent a whopping $3 billion. This represents a significant 48 percent increase in remittances compared to July 2023.
Overseas Pakistanis in Saudi Arabia remitted the largest amount in July 2024 when they sent $760 million. The amount was down 6 percent on a monthly basis, but was 56 percent higher than the $487 million sent by expatriates in the same month a year earlier.
Inflows from the United Arab Emirates (UAE) amounted to $610 million in July.
On a year-on-year basis, remittances improved by 94 percent compared to $315 million reported in the same month last year.
The United Kingdom contributed $440 million; remittances in July 2024 saw a slight decline of 5 percent compared to June 2024.
The overall inflow of funds from overseas Pakistanis is a key component of the country’s economy, offering significant support amid ongoing economic challenges.
Meanwhile, the state bank has announced an increase in the country’s foreign exchange reserves, reflecting a positive trend in the financial scenario.
According to the latest data, total foreign exchange reserves increased by $8 million to reach $14.047 billion. State Bank reserves saw a significant increase of $511 million, bringing the total to $9.15 billion. Additionally, commercial bank deposits increased by $291 million, now totaling $5.31 billion.
