Good news for Pakistan’s economy! Workers abroad sent home a record-breaking $2.8 billion in April 2024, according to data from the State Bank of Pakistan. This represents a significant jump of 27.9% compared to April 2023.
The strong showing continues a positive trend. Looking at the first ten months of the current fiscal year (FY24), total remittances reached $23.8 billion, a 3.5% increase year-over-year.
So, where is this money coming from? Top sources for remittances in April were Saudi Arabia ($712 million), the United Arab Emirates ($542.3 million), the United Kingdom ($403.2 million), and the United States of America ($329.2 million).
This influx of cash plays a vital role in Pakistan’s economic stability. Remittances can boost foreign exchange reserves, stimulate domestic demand, and support investment. The positive trend is a welcome sign for Pakistan’s financial well-being.