Pakistan received $24 billion in remittances in the first eight months of FY25, marking a 32.5% increase from the previous year. February alone saw $3.12 billion, highlighting strong contributions from countries like Saudi Arabia and the UAE.
In the first eight months of the fiscal year 2024-25, Pakistan has recorded a remarkable $24 billion in workers’ remittances from abroad, reflecting a notable increase of 32.5% compared to $18.1 billion during the same period last year, according to the State Bank of Pakistan. In February alone, monthly remittance inflows reached $3.12 billion.
The State Bank reported that February’s remittances represented a 38.6% rise compared to February 2024, and a 3.8% gain over January 2025, with January reporting $3.003 billion in remittances. The inflow for February 2024 was $2.25 billion, highlighting significant growth in this financial sector.
Key sources of remittances for February 2025 included Saudi Arabia, contributing $744.4 million; the United Arab Emirates at $652.2 million; the United Kingdom with $501.8 million; and the United States, which accounted for $309.4 million. Moreover, contributions from other Gulf Cooperation Council (GCC) countries totaled $306.6 million.
Further contributions were made by European Union states ($340.3 million), Australia ($67.8 million), and Canada ($56.4 million), among others, demonstrating the global engagement of expatriates in supporting Pakistan’s economy through remittances.
In summary, Pakistan witnessed an extraordinary surge in workers’ remittances, totaling $24 billion in the first eight months of FY25, a 32.5% increase compared to the previous year. February’s remittance inflow of $3.12 billion showcased robust growth, especially from key countries such as Saudi Arabia and the UAE. These remittances play a crucial role in bolstering Pakistan’s economy.
Original Source: english.aaj.tv
