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Print Print edition: 2024-05-10

April remittances up 27.9pc to $2.8bn YoY

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KARACHI: The inflows of workers’ remittances have increased by 27.9 percent on year-on-year basis to $2.8 billion during April 2024.

Cumulatively, with an inflow of $23.8 billion, workers’ remittances increased by 3.5 percent during first 10 months of FY24 compared to the same period last year, State Bank of Pakistan (SBP) said on Thursday.

Pakistan’s remittances jump to $3bn in March, up 31.3% MoM

The remittance inflows during April 2024 were mainly sourced from Saudi Arabia (net inflows $ 712.0 million), United Arab Emirates (net inflow $542.3 million), United Kingdom (net inflow $403.2 million) and United States of America (net inflow $329.2 million).

Copyright Business Recorder, 2024

Remittances SBP remittance inflows workers remittances

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Usman May 10, 2024 08:04am
Reason is simple.Rates im hawala system are bad and its expensive to send through hawala.Its cheaper to send through banks.
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