KARACHI: October 8, 2024: Pakistan’s worker remittances in September 2024 totalled US$2.85bn, up 29% year over year and the highest amount ever received in September. In 1QFY25, remittances increased by 39% year over year to US$8.8bn.
These stronger inflows will help Pakistan maintain PKR stability and contain the current account deficit.
Highest-ever quarterly remittances received in 1Q
The country received the highest-ever quarterly remittances of USD 8.8bn in 1QFY25 up by 39% YoY.
This surge was driven by the stability of the PKR exchange rate, a narrowing gap between open and interbank market rates, and a rise in the number of workers relocating abroad.
Press Release of Workers’ Remittances in September 2024
• Workers’ remittances recorded an inflow of US$ 2.8 billion during September 2024.
• In terms of growth, remittances increased by 29.0 per cent on y/y basis.
• Cumulatively with inflow of US$ 8.8 billion in Q1-FY25, workers’ remittances grew by 38.8 percent over Q1-FY24.
• Remittances inflows during September 2024 were mainly sourced from Saudi Arabia ($681.3 million), the United Arab Emirates ($560.3 million), the United Kingdom ($423.6 million) and the United States of America ($274.9 million).
