In June 2024, Pakistanis living abroad sent a record-breaking $3.2 billion home, a notable 44% increase over June 2023.
Financial experts say that this spike is mostly due to the Eidul Azha holiday and an increase in money coming in through legitimate banking systems.
- Remittances hit $3.2 billion in June 2024, a significant rise over the same month the year before.
- Experts point out that enhanced banking channels and the Eid-ul-Adha celebrations were two factors in the increase in remittances.
Pakistanis living abroad sent home $30.3 billion in total during the fiscal year 2023–2024, a 10.5% increase over the year before. The aforementioned growth highlights the pivotal function of remittances in Pakistan’s economy, as they furnish important foreign exchange reserves.
Saudi Arabia: With $808 million sent in just June, Pakistani expats there accounted for the majority of the country’s remittance influx.
United Arab Emirates: In June, Pakistanis residing in the UAE made a $655 million contribution, placing them second in terms of the volume of remittances.
The rise in remittances is attributed by financial commentators to multiple factors:
- Eidul Azha: During the holiday season, money is frequently given to families back home to help with festivities and charity contributions.
- Banking Channels: Pakistanis living abroad now find it simpler to send money home safely and promptly thanks to the banking channels’ increased dependability and efficiency.
