ISLAMABAD (ABC) – The workers’ remittances increased substantially during March 2024, with the inflows reaching a total of US$3.0 billion, reports WealthPK quoting data from the State Bank of Pakistan (SBP).
In terms of growth, March witnessed a remarkable surge, with remittances soaring by 31.3 percent compared to the previous month.
Additionally, on a year-on-year basis, remittances showed a notable increase of 16.4 percent, further bolstering the foreign exchange reserves.
Cumulative data for the first nine months of Fiscal Year 2024 (FY24) portrays a positive outlook, with remittances amounting to US$21.0 billion.
This figure represents a 0.9 percent increase compared to the same period in the previous fiscal year, when remittances stood at US$20.8 billion.
The inflow of remittances during March 2024 was primarily sourced from key corridors, including Saudi Arabia, which contributed US$703.1 million, the United Arab Emirates with US$548.5 million, the United Kingdom with US$461.5 million, and the United States of America with US$372.5 million.
This surge in remittance inflows is expected to significantly boost the economy, alleviate pressure on external accounts and contribute to the country’s foreign exchange reserves.
Analysts anticipate that sustained efforts to enhance foreign inflows will further fortify Pakistan’s economic resilience in the coming months.