Pakistan’s remittances reached $24 billion in the first eight months of FY25, with February inflows at $3.12 billion, reflecting a significant increase of 32.5% year-on-year. Major contributing countries include Saudi Arabia, UAE, and the UK.
In the first eight months of fiscal year 2024-25, Pakistan has recorded a significant increase in overseas workers’ remittances, totaling $24 billion. This marks a 32.5% increase compared to the $18.1 billion received in the same period the previous fiscal year. Notably, February’s remittance inflows rose to $3.12 billion, showcasing a 38.6% year-on-year increase and a 3.8% increase from January 2025.
Specifically, the $3.119 billion remitted in February 2024 indicates substantial growth, up from $2.25 billion a year earlier and $3.003 billion in January 2025, according to the State Bank of Pakistan (SBP). The primary sources of these inflows include Saudi Arabia, which contributed $744.4 million, followed by the United Arab Emirates at $652.2 million, the United Kingdom at $501.8 million, and the United States at $309.4 million.
Additional contributions from other countries during February 2025 were notable as well, with $306.6 million from various GCC nations, $340.3 million from European Union countries, $67.8 million from Australia, $56.4 million from Canada, and smaller amounts from South Africa, Malaysia, Norway, South Korea, and Japan.
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The remittances to Pakistan have seen remarkable growth, reaching $24 billion in the first eight months of FY25, marking a substantial year-on-year increase. February 2024 was particularly significant with inflows of $3.12 billion, driven mostly by contributions from Saudi Arabia, UAE, UK, and the USA. The diversity in remittance sources underscores the importance of expatriates in Pakistan’s economy.
Original Source: english.aaj.tv
