Workers’ remittances to Pakistan surged to $24 billion in the first eight months of FY25, marking a 32.5% increase from the previous year. February saw inflows of $3.12 billion, a rise of 38.6% compared to February 2024. Major sources included Saudi Arabia and the UAE, contributing significantly to this growth.
During the initial eight months of the fiscal year 2024-25, Pakistan experienced a significant increase in remittances from overseas workers, totaling $24 billion. According to the State Bank of Pakistan, this figure represents a 32.5 percent rise compared to the same period of the previous fiscal year, where $18.1 billion was recorded.
In February alone, remittances reached $3.12 billion, indicating a remarkable growth of 38.6 percent compared to February 2024. This figure also shows a 3.8 percent increase from the $3.003 billion received in January 2025. The remittance inflow for February 2024 was previously noted at $2.25 billion.
The major sources of remittances for February included Saudi Arabia, contributing $744.4 million; the United Arab Emirates, with $652.2 million; the United Kingdom, at $501.8 million; and the United States, providing $309.4 million. Other notable contributions came from various countries, including $306.6 million from the Gulf Cooperation Council nations and $340.3 million from European Union states.
Additionally, remittances for October reached an impressive $3.1 billion, marking the highest inflow for the fiscal year 2024-25 so far. Overall, remittances from July to January experienced a 31.7 percent increase, amounting to $20.8 billion.
The surge in remittances to $24 billion during the first eight months of FY25 highlights the growing financial contribution of overseas Pakistanis. The data reveals significant monthly inflows, especially in February, and underscores the role of major countries in facilitating these transfers. The continuous increase suggests a positive trend in the economic support provided by expatriates to Pakistan.
Original Source: english.aaj.tv
