Pakistan’s Remittances Increase by 11% to Cross $30 Billion in FY24

Remittances sent by overseas Pakistanis increased by 10.7 percent to $30.25 billion in fiscal year 2023-24 (FY24) compared to inflows of $27.3 billion registered in the previous fiscal year. However, the inflows in FY24 are still less than the inflows of $31.28 billion recorded in FY22. Remittances rose by a whopping 44 percent to $3.16 billion in June 2024 compared to inflows of $2.25 billion registered in the same month of the previous fiscal year. However, on a month-on-month basis, remittances in June 2024 posted a decline of 3 percent compared to inflows of $3.24 billion reported in May 2024. Remittances inflows during June 2024 were mainly sourced from Saudi Arabia ($808.6 million), the United Arab Emirates ($654.3 million), the United Kingdom ($487.4 million) and the United States ($322.1 million). After disappointing inflows in the early part of the FY24, the inflows have picked up with remittances of $2.95 billion in March 2024, $2.81 billion in April 2024, and a record-high $3.24 billion last month i.e. May 2024. In a note, brokerage house Topline Securities said that it believes year-on-year growth in remittances will remain stronger in coming months in anticipation of currency stability led by expectations of a new IMF program.