Islamabad: Overseas workers sent USD 30.3 billion back home in the fiscal year 2023-24 (FY24), marking a 10.7% increase from USD 27.3 billion in FY23, according to the State Bank of Pakistan (SBP). The news has been sourced from an article on July 9.
According to the details, this rise is due to more funds being transferred through official channels. In June 2024, remittances dropped 3% month-on-month to USD 3.16 billion from USD 3.24 billion in May 2024 but were up 44% from USD 2.2 billion in June 2023.
The increase is attributed to more overseas Pakistanis using regulated money transfer methods due to a stable currency and a crackdown on illegal dollar activities.
The World Bank’s “Migration and Development Brief 40” report highlights Pakistan as one of the top five remittance-receiving countries in 2023, with a forecasted growth of 7% to USD 28 billion in 2024 and 4% to USD 30 billion in 2025.
Remittances play a crucial role in supporting households in developing countries, improving living conditions, and helping families recover from disasters, according to the World Bank.
As a graduate in English Literature, Zohaib believes that words are not just a mere figment of imagination. It takes wisdom to be good at them. Following this reason, he is pursuing his career as Public Relations and Content Specialist at Zameen.com.
