Workers’ remittances surge 31.3% MoM to $2.95bn in March

MG News | April 08, 2024 at 05:30 PM GMT+05:00

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April 08, 2024 (MLN): Workers' remittances have surged by 31.27% MoM to $2.95 billion in March, compared to $2.25bn in the previous month, the latest data issued by SBP revealed today.

The increase comes largely due to Ramadan inflows.

Similarly, on a yearly basis, workers' remittances increased by 16.44% YoY as compared to $2.54bn in the same month last year.

The inflows mainly came from Saudi Arabia, contributing $703.05 million, followed by the UAE with $548.47m, the U.K. with $461.53m, USA with 372.54m, and the EU Countries with 314.71m.

On a cumulative basis, in 9MFY24, the total remittances stood at $21.04bn as compared to $20.84bn worth of inflows received in 9MFY23, depicting a slight rise of 0.92% YoY.

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