Remittances Sent by Overseas Pakistanis Remain Near $3 Billion for Fourth Straight Month

Remittances sent by overseas Pakistanis increased by 40 percent to $2.943 billion in August 2024 compared to inflows of $2.094 billion reported in the same month of last fiscal year (FY24). This is the fourth straight month that the remittances have remained near or above the $3 billion level. The inflows stood at $3.242 billion in May 2024, $3.158 billion in June 2024 and $2.994 billion in the first month of the current fiscal year i.e. July 2024. However, on a month-on-month basis, the remittances fell by 2 percent in August 2024 compared to inflows of $2.994 billion reported last month i.e. July 2024. Remittances inflows during August 2024 were mainly sourced from Saudi Arabia ($713 million), the United Arab Emirates ($538 million), the United Kingdom ($475 million) and the United States ($322 million). During the first two months of the current fiscal year (2MFY25), remittances increased by 44 percent to $5.937 billion compared to inflows during 2MFY24.