Overseas Workers Remittances surged by 26 percent in January 2024

Engineering Post Report

A large number of Pakistanis working in a number of countries around the globe have sent remittances back home to their families amounting to $ 2.4 billion in January 2024 which was 26.2 per cent higher on a year-to-year basis to January 2023 figures of $ 1.9 billion.

According to the available data from the official sources, on a month-to-month basis, these figures reported a very marginal increase of 0.64 percent from December 2023 remittances sent back home which amounted to $ 2.38 billion.

Pakistani immigrants working in Saudi Arabia for various periods in different industries and elsewhere took the lead by remitting $ 587.27 million followed by $ 407.61 million received from United Arab Emirates (UAE), United Kingdom $ 362.14 million, European Union member countries $ 290.06 million and the United States of America (USA) $ 283.39 million.

On the whole, Overseas Pakistanis had contributed $ 15.83 billion during the first seven months of current financial year July 2023-January 2024 showing a little decrease of 2.98 percent as compared to corresponding period of the previous year July2022-January 2023 figures of $ 16.32 billion.