May 09, 2024 (MLN): Workers' remittances have increased by 27.9% YoY in April to $2.81 billion, compared to $2.2bn in the same month of last year, the latest data issued by SBP revealed today.
Meanwhile, on a monthly basis, workers' remittances fell 4.8% MoM as compared to $2.95bn in the previous month.
On a cumulative basis, in 10MFY24, the total remittances stood at $23.85bn as compared to $23.04bn worth of inflows received in 10MFY23, depicting a rise of 3.5% YoY.
During the month, Saudi Arabia held the top spot, contributing $712.01 million. This figure was up 45.4% compared to a year ago.
The second biggest inflow was from UAE as they sent $542.31m during April, up 42.7% YoY.
Pakistanis working in U.K. sent $403.21m during the month, up 14.0% compared to the same month of last year.
Moreover, the inflows from USA clocked in at $329.19m, which were up 21.1% YoY.
The data further shows that remittances sent by Pakistanis working in EU Countries rose by 15.7% YoY to $297.95m.
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.
