Islamabad: According to the State Bank of Pakistan (SBP), overseas workers sent USD 30.3 billion home in the fiscal year 2023–24 (FY24), a 10.7% rise from USD 27.3 billion in FY23. The news was obtained from a July 9 story.
The information indicates that this increase is the result of more money being moved through authorized routes. Remittances were up 44% from USD 2.2 billion in June 2023, but decreased 3% month over month to USD 3.16 billion from USD 3.24 billion in May 2024.A stable currency and a crackdown on illicit dollar transactions are blamed for the growth, which the result of more Pakistanis is living abroad utilizing regulated money transfer services.
Pakistan is one of the top five nations in the world for receiving remittances in 2023, according to the World Bank’s “Migration and Development Brief 40” study. Growth is expected to reach USD 28 billion in 2024 and USD 30 billion in 2025, rising by 7% and 4%, respectively. According to the World Bank, remittances are essential for sustaining households in developing nations, enhancing living circumstances, and assisting families in their recovery from natural disasters
