Karachi, Workers’ remittances to Pakistan reached a significant milestone in May 2024, with inflows amounting to US$3.2 billion, marking substantial growth from both the previous month and year.
According to State Bank of Pakistan, the remittances in May increased by 15.3 percent on a month-to-month basis and an impressive 54.2 percent on a year-to-year basis. This growth reflects the continued robust support of the Pakistani diaspora during the first eleven months of fiscal year 2024, with cumulative remittances totaling US$27.1 billion, up 7.7 percent compared to the same period the previous year.
The majority of these remittances in May came from key labor markets, including Saudi Arabia, which contributed US$819.3 million, followed by the United Arab Emirates with US$668.5 million, the United Kingdom with US$473.2 million, and the United States with US$359.5 million. These contributions underscore the significant role of Pakistani workers abroad in bolstering the country’s foreign exchange reserves and supporting its economic stability.