ISLAMABAD: The overseas workers’ remittances recorded an inflow of $3 billion during the first month of fiscal year 2024-25, the State Bank of Pakistan (SBP) said on Friday.
In terms of growth, the remittances recorded in July 2024 marked a significant increase of 47.6% as compared to the same month last year.
During July, remittances inflow was mainly sourced from Saudi Arabia with Pakistani nationals sending $761.1 million from KSA.
Following the Kingdom, remittances from the United Arab Emirates (UAE) amounted to $611.1 million, the United Kingdom sending $443.5 million and the United States of America contributing $300.1 million, SBP added.
Despite the year-on-year growth, remittances in July 2024 saw a slight decline of 5% compared to June 2024, indicating a possible seasonal fluctuation.
Meanwhile, the SBP announced an increase in the country’s foreign exchange reserves. Total domestic foreign exchange reserves rose by $8 million, reaching a total of $14.047 billion, the central bank said.
