Inflow of overseas workers’ remittances clocked in at $2.25 billion in February 2024, 6.2% lower on a month-on-month basis when compared to $2.4 billion in January 2024, showed data released by the State Bank of Pakistan (SBP) on Friday.

On a yearly basis, the monthly inflow of remittances registered an increase of 13 percent as it stood at $1.99 billion in the same month of the previous year, data showed.

Home remittances play a significant role in supporting the country’s external account, stimulating Pakistan’s economic activity as well as supplementing the disposable incomes of remittance-dependent households.

However, despite the YoY increase in February, workers’ remittances inflow of $18.08 billion was recorded during July-February FY24, lower by 1% YoY or $225 million, as compared to $18.31 billion registered in 7MFY23.

Pakistan’s remittances clock in at $2.4bn in January, up 26% YoY

Breakdown

Overseas Pakistanis in Saudi Arabia maintained their top spot, remitting the largest amount in February 2024 as they sent $539.8 million during the month. The amount declined by 8% on a monthly basis, but was nearly 19% higher than the $454.9 million sent by the expatriates in the same month of the previous year.

Inflows from the United Arab Emirates (UAE) saw a decline of 6% on a monthly basis, from $407.6 million in January to $384.7 million in February. On a yearly basis, however, the remittances registered a significant increase of nearly 19%, as compared to $324.1 million reported in the same month last year.

Remittances from the United Kingdom amounted to $346 million during the month, a decrease of 4.5% as compared to $362.2 million in January 2024.

Remittances from the European Union plunged 9% on a monthly basis and improved 7% year-on-year as they amounted to $263.4 million in February 2024.

Overseas Pakistanis in the US sent $287.4 million in February 2024, a year-on-year increase of 31%, compared to $219.8 in the same month previous year.