KARACHI: The workers’ remittances increased by 33.6 per cent to reach $14.8 billion during the first five months of the current fiscal year 2024-25, a massive gain from the previous year, the State Bank of Pakistan (SBP) data revealed on Monday.
On a year-on-year basis, workers’ remittances during November 2024 recorded an inflow of $2.9 billion, posting an increase of 29.1 per cent compared to last year. Nevertheless, these remittances were slashed by 5% month-on-month.
Last year, Pakistan received $11.1 billion in remittances during July-November.
Remittances inflows during November 2024 were mainly sourced from Saudi Arabia ($729.2 million), the United Arab Emirates ($619.4 million), the United Kingdom ($409.9 million), and the United States of America ($288.2 million).
As per the data, close to one million skilled workers went abroad in the last three years.
The State Bank of Pakistan’s incentives and policies that have decreased illegal foreign exchange trading are the main causes of the increase in official remittance flows. Moreover, as global inflation declines, more money is being sent home by Pakistani migrants.
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