Remittances sent by overseas Pakistanis surged by over 30 percent to $2.95 billion in March 2024 compared to inflows of $2.25 billion registered in the previous month.
On a year-on-year basis, the remittances in March 2024 were 16 percent higher compared to remittances of $2.53 billion reported in March 2023. The higher remittances in March are also due to Ramadan and Eid, as overseas Pakistanis usually send higher amounts for their families and charity, including Zakat.
March 2024’s remittances are also the second highest ever, after remittances of $3.12 billion recorded in April 2022.
A breakdown of the numbers shows that the highest inflows were registered from Saudi Arabia, coming in at $703 million, followed by the United Arab Emirates (UAE) at $548 million, the United Kingdom (UK) at $461 million, the United States (US) at $372 million, European Union (EU) countries at $315 million and other GCC countries at $303 million.
Moreover, remittances during July-March FY24 stood at $21.03 billion, up marginally from remittances of $20.84 billion recorded in the same period of FY23.
Editorial & Legal Practice Group
Authored and reviewed by the corporate law and tax litigation practice group at Javid Law Associates. Our team comprises High Court advocates, corporate legal advisors, and authorized tax practitioners across Pakistan.
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