KARACHI: Inflows of workers remittance recorded a healthy growth of 31 percent in March 2024 compared to February 2024, the State Bank of Pakistan (SBP) reported on Monday.
According to SBP, the country received workers’ remittances amounted to $3 billion during March 2024 compared to $2.25 billion in February 2024, depicting an increase of $750 million.
Remittances arrived in March are the highest monthly inflows in 22 months.
In terms of growth, during March 24, remittances also rose 16.4 percent or $464 million on YoY basis as some $2.536 billion home remittances arrived in March 2024.
Pakistan’s remittances clock in at $2.25bn in February, up 13% YoY
Analysts said the growth in the workers’ remittances during March is as per expectation. Overseas Pakistanis mainly sent more amount to their relatives on the occasion of Eid of which remittances inflows in March 2024 reached $3 billion mark.
Workers’ remittances’ inflows during March 24 were mainly sourced from Saudi Arabia worth $703.1 million (SA), United Arab Emirates (UAE) $548.5 million, United Kingdom (UK) $461.5 million and United States of America (USA) $372.5 million.
However, cumulatively, workers’ remittances showed a slight increase of about one percent during the first nine months of this fiscal year. Overall, home remittances worth $21 billion were arrived during July-March of FY24 up from $20.8 billion in the same period of last fiscal year (FY23), showing a surge of $20 million.
Saudi Arabia contributed 24 percent share in the overall home remittances received during this fiscal year. Inflows from Saudi Arabia rose by 1.6 percent to $5.084 billion in the first 9 months of this fiscal year compared to $5 billion in the same period of last fiscal year.
Workers’ remittances from the USA increased from $2.52 billion to $2.366 billion. Home remittances from the UK rose by 3 percent to $3.157 billion during July-March of FY24 as against $3.07 billion in corresponding period of last fiscal year.
Copyright Business Recorder, 2024
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