According to the latest data from the SBP, Workers’ Remittances dropped by 6.18% MoM in February to $2.25 billion, down from $2.4 billion in the previous month.
However, on a yearly basis, remittances increased by 13.03% compared to the same month last year, reaching $1.99 billion.
The majority of these inflows originated from Saudi Arabia, contributing $539.84 million, followed by the UAE with $384.71 million, the U.K. with $345.97 million, the USA with $287.39 million, and EU countries with $263.38 million.
Cumulatively, for the first eight months of FY24, total remittances amounted to $18.08 billion, down 1.23% year-on-year from the $18.31 billion received in the same period of FY23.
