Overseas remittances rise 10% to $30.3 billion in FY24 M Haris

Remittances sent home by overseas workers increased by 10.7% to $30.3 billion in the fiscal year 2023-24 (FY24) year-on-year compared to $27.3 billion in the fiscal year 2022-23 (FY23), State Bank of Pakistan (SBP) data showed on Tuesday.

However, on a month-on-month basis, inflows eased 3% to $3.16 billion in June 2024 from $3.24 billion in May 2024, but year-on-year swelled 44% from $2.2 billion registered in the same month a year ago.

A World Bank report titled “Migration and Development Brief 40” published last month said that in terms of remittances received from overseas workers, Pakistan was among the top five recipients in 2023.

It says remittances flowing into Pakistan are forecast to recover and grow at about 7.0 per cent to reach $28 billion in 2024 and increase at 4.0 per cent to about $30 billion in 2025.

“The top five recipient countries for remittances in 2023 are India with an estimated inflow of $120 billion, followed by Mexico ($66 billion), China ($50 billion), the Philippines ($39 billion), and Pakistan ($27 billion),” according to the report.

Overseas Pakistanis in Saudi Arabia sent home the largest amount in June 2024, with $808.6 million sent during the month. This amount was 1% lower than the previous month but 57% higher than the $516.1 million sent in the same month last year.

Inflows from the United Arab Emirates (UAE) also dropped by 2% from $668.4 million in May to $654.3 million in June. However, compared to the same month last year, remittances increased by 101%, up from $324.8 million.

Remittances from the United Kingdom totaled $487.4 million in June, a 3% increase from $473 million in May 2024.

Meanwhile, remittances from the European Union fell nearly 3% month-on-month to $330 million in June 2024. Overseas Pakistanis in the US sent $322.1 million in June 2024, a 10% decrease from the previous month.