Remittances from overseas Pakistanis reached an inflow of $2.8 billion in September 2024. This marks a 3% month-on-month (MoM) decrease from August’s inflow of $2.943 billion, according to the State Bank of Pakistan (SBP).
In the first quarter of FY25, remittances grew nearly 39% year-on-year (YoY), totaling $8.8 billion compared to $6.3 billion in 3MFY24. Experts attribute this increase to a stable PKR exchange rate, a reduced gap between open and inter-bank rates, and a rise in overseas employment.
Saudi Arabia was the largest source of remittances in September 2024, with Pakistani expatriates sending $681.3 million—4% lower than in August but up 27% YoY from $538.3 million.
Inflows from the UAE increased by 4% MoM, reaching $560.3 million from $538.4 million in August, with a 40% YoY rise from $399.8 million in September 2023.
Remittances from the UK amounted to $423.6 million, down 11% MoM from August’s $474.8 million, but up 36% YoY. Meanwhile, inflows from the European Union declined by 3% MoM, totaling $365.3 million in September.
