Pakistan sees 38.8% increase in remittances from overseas workers
Maximum limit per person, per calendar year, to buy foreign currency, in the form of cash or outward remittances, will also be reduced from $100,000 to $50,000. photo: file
In the first quarter of fiscal year 2025, overseas Pakistanis sent a total of $8.8 billion back to Pakistan, marking a significant increase of 38.8% compared to the same period in fiscal year 2024.
Overseas Pakistanis sent an impressive $2.849 billion back to Pakistan in September 2024, reflecting a notable 29% increase from $2.208 billion in the Septermber 2023, Express News reported.
Despite this positive trend, remittances saw a slight decline of 3% compared to August 2024, when the total was $2.943 billion.
The average monthly remittances from workers over the three months amounted to approximately $2.92 billion.
Pakistani workers in Saudi Arabia were the largest contributors in September 2024, sending $681.3 million. Although this figure is a 4% decrease from August, it still represents a 27% increase from the $538.3 million sent in September of the previous year.
In contrast, remittances from the UAE showed an upward trend, rising by 4% from August, from $538.4 million to $560.3 million. Year-on-year, this figure jumped significantly by 40%, compared to $399.8 million in September 2023.
Pakistani workers in the United Kingdom sent $423.6 million in September 2024, which was an 11% decrease from August. However, this amount still signifies a 36% increase compared to last year.
Remittances from the European Union saw a slight decline of 3% from August, totalling $365.3 million in September 2024.
Lastly, remittances from Pakistanis in the United States amounted to $274.9 million in September, marking a 15% drop from the previous month.
An additional $860 million was sent from other Gulf countries.
Notably, the amount sent by overseas Pakistanis in the first quarter has exceeded the funds provided by the IMF under its three-year programme.