August 09, 2024 (MLN): Workers' remittances have increased by 47.6% YoY in July to $3 billion, compared to $2.03bn in the same month of last year, the latest data issued by SBP revealed today.
Meanwhile, on a monthly basis, workers' remittances fell 5.2% as compared to $3.16bn in the previous month.
During the month, Saudi Arabia held the top spot, contributing $761.09 million. This figure was up 56.4% compared to a year ago.
The second biggest inflow was from UAE as they sent $611.08m during July, up 93.7% YoY.
Pakistanis working in U.K. sent $443.46m during the month, up 44.7% compared to the same month of last year.
Moreover, the inflows from EU Countries clocked in at $350.85m, which were up 24.4% YoY.
The data further shows that remittances sent by Pakistanis working in USA rose by 23.8% YoY to $300.08m.
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.
