ISLAMABAD, AUGUST 9: In July 2024, remittances from Pakistanis living abroad climbed by 47.6% to $3 billion, compared to $2 billion in inflows during the same month in the previous fiscal year.
Remittances decreased by 5% month over month, meanwhile, in contrast to the $3.16 billion in inflows that were reported last month, or June 2024. With inflows surpassing $3 billion in the preceding two months, remittances have stayed at or above the $3 billion mark for the third consecutive month.
In July 2024, Saudi Arabia ($761 million), the United Arab Emirates ($611 million), the United Kingdom ($443 million), and the United States ($300 million) accounted for the majority of remittance inflows.
It is important to note that, compared to inflows of $27.3 billion recorded in the FY23, remittances climbed by 10.7% to $30.25 billion in the most recent fiscal year 2023–24 (FY24).
Remittances reached a record-high $3.24 billion in May 2024, up from $2.95 billion in March 2024, $2.81 billion in April 2024, and lackluster inflows in the first half of the FY24.
