Islamabad, Aug 11: Inflow of overseas workers’ remittances clocked in at nearly $3 billion in July, a massive 48 percent higher on a year-on-year basis when compared with $2.03 billion in the same month of the previous year, showed data released on Saturday by the State Bank of Pakistan (SBP).
According to the report in the first month of the current fiscal year, overseas Pakistanis remitted a whopping $3 billion. This represents a significant 48 percent increase in remittances compared to July 2023.
Overseas Pakistanis in Saudi Arabia remitted the largest amount in July 2024 as they sent $760 million. The amount declined by 6 percent on a monthly basis but was 56 percent up than the $487 million sent by the expatriates in the same month of the previous year.
Inflows from the United Arab Emirates (UAE) totaled $610 million in July.On a yearly basis, remittances improved by 94 percent, compared to $315 million reported in the same month last year.United Kingdom contributed $440 million; remittances in July 2024 saw a slight decline of 5 percent compared to June 2024.
The overall inflow of funds from overseas Pakistanis is a crucial component of the country’s economy, offering significant support amid ongoing economic challenges.Meanwhile, the State Bank has announced an increase in the country’s foreign exchange reserves, reflecting a positive trend in the financial scenario.
According to the latest data, total foreign exchange reserves rose by $8 million, reaching $14.047 billion. The State Bank’s reserves saw a notable increase of $511 million, bringing the total to $9.15 billion. Additionally, deposits in commercial banks grew by $291 million, now totalling $5.31 billion.
