Pakistan Receives Highest Ever Workers’ Remittances for October

Remittances sent by overseas Pakistanis increased by 29 percent year-on-year (YoY) to $3.05 billion in September 2024 compared to inflows of $2.46 billion registered in the same period last year. According to Topline Securities, this is the highest amount ever received in October. On a month-on-month basis, workers’ remittances are up 7 percent compared to $2.86 billion in September 2024. These stronger inflows will help Pakistan in maintaining PKR stability and containing current account deficit, Topline added. A breakdown of the numbers shows that the highest inflows were registered from Saudi Arabia, coming in at $787 million, followed by the United Arab Emirates (UAE) at $621 million, the United Kingdom (UK) at $429 million, European Union (EU) countries at $359 million, and the United States (US) at $299 million. The inflows from Saudi Arabia were up 24 percent YoY, while the inflows from UAE, and the US were up by 31 percent YoY and 6 percent YoY, respectively. The inflows from European Union (EU) countries registered an increase of 21 percent YoY while that from the UK increased by 30 percent. In 1QFY25, remittances increased by 35 percent YoY to US$ 11.848 billion.