Remittances sent by overseas Pakistanis increased by 48 percent to $2.995 billion in July.
According to the data released by the State Bank of Pakistan, remittances reached 2 billion 995 million dollars in July 2024, which was 2 billion 29 million dollars in July last year.
Experts said that the increase in remittances is a positive sign during times of political and economic uncertainty.
However, despite an increase in remittances on a year-on-year basis, remittances declined month-on-month, with the central bank reporting that overseas Pakistanis remitted $153.3 million in July compared to $3.158 billion in June. Or sent 5 percent less money.
During the fiscal year 2024, Pakistan received remittances of 30.20 billion dollars, which is 11% more than the 27.33 billion dollars of the fiscal year 2023.
However, currency experts have warned that remittances will be significant this year due to a decline in exports.
