Remittances sent by overseas Pakistanis increased by 10.7 percent to $30.25 billion in fiscal year 2023-24 (FY24) compared to inflows of $27.3 billion registered in the previous fiscal year. However, the inflows in FY24 are still less than the inflows of $31.28 billion recorded in FY22.
Remittances rose by a whopping 44 percent to $3.16 billion in June 2024 compared to inflows of $2.25 billion registered in the same month of the previous fiscal year.
However, on a month-on-month basis, remittances in June 2024 posted a decline of 3 percent compared to inflows of $3.24 billion reported in May 2024.
Remittances inflows during June 2024 were mainly sourced from Saudi Arabia ($808.6 million), the United Arab Emirates ($654.3 million), the United Kingdom ($487.4 million) and the United States ($322.1 million).
After disappointing inflows in the early part of the FY24, the inflows have picked up with remittances of $2.95 billion in March 2024, $2.81 billion in April 2024, and a record-high $3.24 billion last month i.e. May 2024.
In a note, brokerage house Topline Securities said that it believes year-on-year growth in remittances will remain stronger in coming months in anticipation of currency stability led by expectations of a new IMF program.
Stay Connected with ProPakistani
Get the latest business news, market insights, and economic updates wherever you prefer.
Add ProPakistani to Preferred Sources and see more of our stories in Google Search and Top Stories.
bhai expense itna barh gaya hai kay logon ko ziadah pasay send karnay parh rahay hain, government show karay gi kay improvements a rahi hai
no thats not the reason. reason is millions of people who left pak during the last two years
do you live in pakistan? then use your real name. loser
As per imran if people trust on govt they send more remittances. So it means people trusting the incompetent govt more than his self claimed honesty?
Result is , all are incompetent.
over 2 million people has left pakistan in the last two years. This is what they wanted and what they are achieving. They forced people to leave pakistan with fake inflation because remittance is the only source of income for pakistan. more than exports. Try to think with your brain not @$$
Remittances can increase manifold if government encourages overseas Pakistanis to invest in real estate. No other investment avenue is safe or practical for them due to inconsistent government policies and bureaucratic controls and lethargic attitude. Remember, the remittances of overseas Indians and overseas Chinese and their investment in real estate are one of the major reasons for their rapid economic development