Inflow of overseas workers’ remittances clocked in at $2.943 billion in August, a massive 40.5% higher on a year-on-year (YoY) basis when compared with $2.095 billion in the same month of the previous year, showed data released on Monday by the State Bank of Pakistan (SBP).
On month-on-month (MoM) basis, the inflow in August was 2% lower when compared to $2.994 billion in July 2024. During 2MFY25, remittances went up by 44% YoY to $5.9 billion as compared to $4.1 billion in 2MFY24.
Home remittances play a significant role in supporting the country’s external account, stimulating Pakistan’s economic activity as well as supplementing disposable incomes of remittance-dependent households.
