Remittances sent by overseas Pakistanis increased by 10.7 percent to $30.25 billion in fiscal year 2023-24 (FY24), compared to $27.3 billion in the previous fiscal year. However, this is still lower than the $31.28 billion recorded in FY22.
Remittances saw a significant 44 percent rise in June 2024, reaching $3.16 billion compared to $2.25 billion in the same month of the previous year. Despite this year-on-year increase, there was a 3 percent decline on a month-on-month basis from the $3.24 billion reported in May 2024.
The primary sources of remittance inflows in June 2024 were Saudi Arabia ($808.6 million), the United Arab Emirates ($654.3 million), the United Kingdom ($487.4 million), and the United States ($322.1 million).
After a slow start in the early part of FY24, remittance inflows picked up, with $2.95 billion in March 2024, $2.81 billion in April 2024, and a record-high $3.24 billion in May 2024.
Topline Securities, in a note, expressed optimism about year-on-year growth in remittances in the coming months, anticipating currency stability driven by expectations of a new IMF program.
