November 08, 2024 (MLN): Workers' remittances have increased by 23.91% in October to $3.052 billion, compared to $2.463bn in the same month of last year, the latest data issued by SBP revealed today.
Meanwhile, on a monthly basis, workers' remittances rose 6.73% as compared to $2.86bn in the previous month.
On a cumulative basis, in 4MFY25, the total remittances stood at $11.848bn as compared to $8.794bn worth of inflows received in 4MFY24, depicting a rise of 34.72%.
During the month, Saudi Arabia held the top spot, contributing $766.67 million. This figure was up 24.3% compared to a year ago.
The second biggest inflow was from UAE as they sent $620.91m during October, up 31.0% YoY.
Pakistanis working in U.K. sent $429.49m during the month, up 30.0% compared to the same month of last year.
Moreover, the inflows from EU Countries clocked in at $359.06m, which were up 5.7% YoY.
The data further shows that remittances sent by Pakistanis working in Other GCC Countries rose by 20.7% YoY to $320.16m.
Explanatory Note
When migrants send home part of their earnings in the form of either cash or goods to support their families, these transfers are known as workers’ remittances.
Workers’ remittances are one of the major sources of foreign exchange earnings for Pakistan.
"For many countries, money transfers from citizens working abroad are a lifeline for development," says Dilip Ratha of the World Bank.
These inflows have financed Pakistan’s trade and primary income deficit significantly over the last half century.
