Pakistan’s Remittances Sustain $3 Billion Level for Third Straight Month in July 2024

Remittances sent by overseas Pakistanis increased by 47.6 percent to $3 billion in July 2024 compared to inflows of $2 billion reported in the same month of last fiscal year. However, on a month-on-month basis, the remittances fell by 5 percent compared to inflows of $3.16 billion reported last month i.e. June 2024. This is the third straight month that the remittances have remained near or above the $3 billion level with inflows exceeding $3 billion in each of the previous two months. Remittances inflows during July 2024 were mainly sourced from Saudi Arabia ($761 million), the United Arab Emirates ($611 million), the United Kingdom ($443 million) and the United States ($300 million). It is pertinent to mention here that remittances increased by 10.7 percent to $30.25 billion in the last fiscal year 2023-24 (FY24) compared to inflows of $27.3 billion registered in the FY23. After disappointing inflows in the early part of the FY24, the inflows picked up with remittances of $2.95 billion in March 2024, $2.81 billion in April 2024, and a record-high $3.24 billion in May 2024.