In July 2024, Pakistan received a substantial $3 billion in remittances from its citizens living abroad, according to a report by the State Bank of Pakistan (SBP). This is a significant 48% increase compared to the amount sent back in July 2023, showing the ongoing strong support from overseas Pakistanis for their homeland.
Saudi Arabia was the top contributor, with Pakistani workers there sending $760 million back home. The United Arab Emirates (UAE) followed with $610 million, and the United Kingdom contributed $440 million.
Although the overall remittances in July 2024 were 5% lower than those in June 2024, this slight drop could be due to seasonal factors.
Despite this monthly decline, the continuous flow of money from overseas Pakistanis remains crucial for Pakistan’s economy, especially during challenging economic times.
In addition, the SBP reported an increase in the country’s foreign exchange reserves. The total reserves rose by $8 million, reaching $14.047 billion. The SBP’s own reserves saw a notable increase of $511 million, bringing the total to $9.15 billion. Deposits held by commercial banks also grew by $291 million, totaling $5.31 billion.
This rise in foreign exchange reserves reflects a positive trend in Pakistan’s financial situation.
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