In the first eight months of FY25, remittances to Pakistan reached $24 billion, marking a 32.5% increase compared to the previous fiscal year. February saw a monthly inflow of $3.12 billion, driven largely by contributions from Saudi Arabia, UAE, and the UK, supporting the country’s economy significantly.
During the first eight months of fiscal year 2024-25, remittances to Pakistan reached an impressive $24 billion. This figure represents a notable increase of 32.5% compared to the $18.1 billion recorded during the same period of the previous fiscal year. The State Bank of Pakistan reported that monthly inflows surged to $3.12 billion in February, further emphasizing this upward trend.
In February 2025 alone, workers’ remittances achieved an inflow of $3.119 billion, reflecting a remarkable 38.6% increase over February 2024 and a 3.8% increase when compared to January 2025. For context, the remittances recorded for January were $3.003 billion, up from $2.25 billion in the corresponding month of the previous year.
The sources for these remittances were diverse, with significant contributions from several nations: Saudi Arabia ($744.4 million), the United Arab Emirates ($652.2 million), the United Kingdom ($501.8 million), and the United States ($309.4 million). Notably, remittances from other Gulf Cooperation Council (GCC) countries amounted to $306.6 million, while those from European Union nations contributed $340.3 million.
In addition to these figures, remittances from other regions included $67.8 million from Australia, $56.4 million from Canada, and smaller amounts from countries like South Africa ($30.4 million), Malaysia ($12.7 million), Norway ($9.8 million), South Korea ($9 million), and Japan ($5 million).
In summary, the surge in worker remittances to Pakistan during the early months of FY25 signifies robust economic support from expatriates. With a total of $24 billion recorded, the inflows have shown remarkable growth, driven particularly by contributions from Saudi Arabia and the UAE. Continued increases in remittances not only reflect stronger economic ties but also highlight the essential role played by overseas workers in supporting the homeland’s economy.
Original Source: english.aaj.tv
