According to State Bank of Pakistan (SBP) data released on Tuesday, remittances sent home by foreign workers rose by 10.7% to $30.3 billion in the fiscal year 2023–24 (FY24) year over year from $27.3 billion in the fiscal year 2022–23 (FY23). This increase was primarily caused by an increase in the use of legal channels for fund transfers.
Inflows, however, decreased 3% month over month to $3.16 billion in June 2024 from $3.24 billion in May 2024, but increased 44% annually from $2.2 billion recorded in the same month the previous year.
Because of a stable currency, more Pakistanis living abroad remitted money home via regulated banks and exchange agencies, which is why there has been an improvement, according to analysts.
According to them, the primary reasons for the increase in remittances in the most recent fiscal year were the country’s stable currency and economy, an increase in Pakistani immigrants abroad, and increased usage of regulated money transfer channels.
