Inflow of overseas workers’ remittances significantly increased to $3 billion in March 2024, 31.3% higher on a month-on-month (MoM) basis when compared to $2.25 billion in February 2024, showed data released by the State Bank of Pakistan (SBP) on Monday.

On a yearly basis, the monthly inflow of remittances registered an increase of 16.4% as it stood at $2.54 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.

Pakistan’s remittances clock in at $2.25bn in February, up 13% YoY

During first nine months of FY24, workers’ remittances recorded an inflow of $21.0 billion, an increase of 0.9% as compared to $20.8 billion remittances recorded during 9MFY23.

Breakdown

Overseas Pakistanis in Saudi Arabia maintained their top spot, remitting the largest amount in March 2024 as they sent $703.1 million during the month. The amount increased by 30% on a monthly basis and 24% YoY.

Inflows from the United Arab Emirates (UAE) saw a jump of 43% on a monthly basis, from $385 million in February to $548 million in March. On a yearly basis, the remittances registered an increase of 34%, as compared to $410 million reported in the same month last year.

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

Remittances from the United Kingdom amounted to $462 million during March, an increase of 33% as compared to $346 million in February 2024.

Remittances from the European Union surged 19% on a monthly basis and improved 6% year-on-year as they amounted to $315 million in March 2024.

Overseas Pakistanis in the US sent $373 million in March 2024, a year-on-year increase of 18% and 30% MoM.