Overseas Pakistanis sent a record-breaking $3.2 billion to their homeland in June 2024, marking a significant 44% increase compared to June 2023.
According to financial experts, this surge is primarily attributed to the festive season of Eidul Azha and an increased inflow of funds through official banking channels.
- In June 2024, remittances reached $3.2 billion, a substantial increase from the previous year.
- Experts highlight that the Eid-ul-Adha celebrations and improved banking channels contributed to the rise in remittances.
The financial year 2023-24 witnessed overseas Pakistanis sending home a total of $30.3 billion, reflecting a 10.5% increase from the previous year. This growth underscores the crucial role of remittances in Pakistan's economy, providing much-needed foreign exchange reserves.
Saudi Arabia: Pakistani expatriates in Saudi Arabia led the remittance inflow, sending $808 million in June alone.
United Arab Emirates: Following closely, Pakistanis in the UAE contributed $655 million in June, securing the second position in terms of remittance volume.
Financial analysts attribute the increase in remittances to several factors:
1. Eidul Azha: The festive season often sees a rise in financial support sent to families back home for celebrations and charitable giving.
2. Banking Channels: Enhanced efficiency and reliability of banking channels have made it easier for overseas Pakistanis to send money home securely and quickly.
