Pakistan’s overseas workforce is sending money home at an unprecedented rate. According to the State Bank of Pakistan, worker remittances reached a staggering $3 billion in March 2024, marking a significant increase in both monthly and yearly trends.
This surge represents a 31.3% jump compared to February 2024 and a 16.4% rise year-over-year. While the overall growth for the first nine months of the fiscal year (US$21 billion) is modest at 0.9% compared to the same period last year, the March spike indicates a positive trend.
The biggest contributors to this remittance boom are Pakistanis working in Saudi Arabia (US$703.1 million), United Arab Emirates (US$548.5 million), United Kingdom (US$461.5 million), and the United States of America (US$372.5 million).
These figures highlight the vital role overseas Pakistanis play in supporting the country’s economy. With this significant inflow of funds, Pakistan can potentially leverage these resources for further technological advancements and development initiatives.