During the first eight months of fiscal year 2024-25, Pakistan experienced a notable increase in workers’ remittances, amounting to $24 billion, which represents a 32.5% rise compared to the previous year. February 2025 recorded $3.12 billion in remittances, driven by significant contributions from Saudi Arabia, the UAE, and the UK.
In the first eight months of the fiscal year 2024-25, workers’ remittances from overseas to Pakistan reached approximately $24 billion, reflecting a substantial increase. According to the State Bank of Pakistan, there was a significant rise of 32.5% compared to the same period in the previous fiscal year, which reported remittances of $18.1 billion. Monthly inflows for February alone amounted to $3.12 billion.
February 2025 witnessed an inflow of $3.119 billion in remittances, marking an increase of 38.6% from February 2024 and a 3.8% rise from January 2025. The remittance inflow for February 2024 was $2.25 billion, while January 2025 saw $3.003 billion in remittances, as per the SBP data.
The majority of remittances in February originated from several key countries: Saudi Arabia contributed $744.4 million, the UAE provided $652.2 million, the UK sent $501.8 million, and the USA accounted for $309.4 million. Additional contributions were noted from various other nations.
During February 2025, remittances from other GCC countries totaled $306.6 million, while contributions from the European Union reached $340.3 million. Furthermore, Australia contributed $67.8 million, Canada $56.4 million, South Africa $30.4 million, Malaysia $12.7 million, Norway $9.8 million, South Korea $9 million, and Japan $5 million.
The surge in remittances to $24 billion during the first eight months of FY25 highlights the significant economic contributions of overseas workers to Pakistan. The notable increase in monthly inflows, particularly in February, suggests a robust trend, with substantial support from key countries like Saudi Arabia and the UAE. This growth underlines the vital role that expatriate contributions play in the country’s economy.
Original Source: english.aaj.tv
