Remittances to Pakistan Surge to $24 Billion in First Eight Months of FY25

Workers’ remittances to Pakistan reached $24 billion in the first eight months of FY25. February alone saw inflows of $3.12 billion, a 38.6% increase from the previous year. Major contributions came from Saudi Arabia, UAE, UK, and the USA, reflecting strong financial support from expatriates.

In the first eight months of the fiscal year 2024-25, workers’ remittances to Pakistan reached $24 billion, marking a significant increase compared to previous years. The monthly inflow in February stood at $3.12 billion, reflecting a 32.5% rise from the $18.1 billion recorded during the same period in FY24, according to the State Bank of Pakistan.

February saw remittance inflows amounting to $3.119 billion, which represents a 38.6% increase over February 2024 and a 3.8% rise from January 2025. The remittance figures for January 2025 were reported at $3.003 billion, while February 2024 recorded $2.25 billion in inflows.

The primary sources of remittances in 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 GCC countries accounted for $306.6 million, while European Union nations contributed $340.3 million.

Additional remittance sources included Australia ($67.8 million), Canada ($56.4 million), South Africa ($30.4 million), Malaysia ($12.7 million), Norway ($9.8 million), South Korea ($9 million), and Japan ($5 million). Overall, these figures highlight a robust inflow of remittances, illustrating the significant financial support expatriates are providing to Pakistan.

In summary, the surge in remittances to $24 billion in the first eight months of FY25 underscores the growing financial contributions of Pakistani expatriates. February’s remarkable inflow of $3.12 billion, with substantial contributions from key markets like Saudi Arabia and the UAE, offers a positive outlook for the remittance situation in Pakistan.

Original Source: english.aaj.tv