Workers’ Remittances Likely to Hit $36 Billion in Current Fiscal Year

Foreign worker remittances are likely to hit $36 billion during the current fiscal year. Worker remittances in the first four months of the fiscal year 2024-25 (4MFY24) have grown by 35 percent YoY to US$ 11.8 billion, ProPakistani reported earlier this month based on central bank data. According to Topline Securities, this was led by strong growth from UAE, Saudi, and UK markets by 56 percent, 37 percent, and 39 percent, respectively. This strong momentum is on the back of stability in PKR, and higher export of manpower in the last 2-3 years. Remittances may hit US$ 35-36 billion during FY25, up 16 percent YoY. A breakdown of the numbers shows that the highest inflows were registered from Saudi Arabia, coming in at $766.7 million, followed by the United Arab Emirates (UAE) at $620.9 million, the United Kingdom (UK) at $429.5 million, European Union (EU) countries at $359.1 million, and the United States (US) at $299.3 million.