Pakistan sees 29 % surge in remittances in September
ISLAMABAD: Overseas Pakistanis sent a whopping $2.849 billion back home in September 2024, marking a significant 29 per cent jump compared to the same month last year when the figure was $2.208 billion.
Read More: Roshan Digital Account Brings Record $6.9 Billion Remittances in October
Pakistan Remittances Surge in Q3 2024, But September Sees Slight Dip
Good news for Pakistan‘s economy! Remittances from overseas Pakistanis have seen a significant increase in the first three months (July-September) of the current fiscal year (FY25). However, there was a slight dip in September compared to the previous month.
Strong Q3 Performance: Pakistan sees 29 % surge in remittances in September
- Overall, remittances reached a staggering $8.8 billion in 3MFY25, a nearly 39% increase compared to the $6.3 billion received during the same period last year.
- This surge is a positive sign for Pakistan’s financial health, strengthening its external finances and providing much-needed support for families relying on money sent from abroad.
September Dip, But Still Positive: Pakistan sees 29 % surge in remittances in September
- While September saw a 3% decrease in remittances compared to August’s $2.943 billion, the figure remained impressive at $2.85 billion.
- Looking year-on-year, September 2024 still witnessed a 29% increase compared to the $2.21 billion sent in September 2023.
Factors Behind the Remittance Rise: Pakistan sees 29 % surge in remittances in September
- Experts attribute this growth to several factors:
- Increased Stability: The Pakistani Rupee’s improved stability fosters confidence among overseas workers sending money home.
- Narrowing Rates Gap: The narrowing gap between open market and interbank exchange rates makes sending money through official channels more attractive.
- Rising Worker Migration: More Pakistanis finding work abroad contributes directly to the overall remittance inflow.
Top Contributors by Country: Pakistan sees 29 % surge in remittances in September
- Saudi Arabia: Retained the top spot, sending $681.3 million in September. This represents a 27% year-on-year increase, despite a slight dip compared to August.
- United Arab Emirates (UAE): Showed a positive trend with a 4% increase from August, reaching $560.3 million. This figure also reflects a significant 40% jump compared to September 2023.
- United Kingdom (UK): While there was an 11% decrease compared to August, remittances from the UK still totaled $423.6 million. This translates to a 36% increase year-on-year.
- European Union (EU): Experienced a minor 3% dip from August, with remittances settling at $365.3 million for September.
- United States (US): Saw a 15% decrease from the previous month, sending $274.9 million in September.
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