July-August workers’ remittances rise 15pc YoY

The State Bank of Pakistan says overseas workers sent USD 7.3 billion home during July and August of FY27, which is 14.7 percent more than the USD 6.4 billion received in the same period last year. Business Recorder reported that the central bank published the data on Wednesday.

Remittances in August reached USD 3.656 billion, compared with USD 3.138 billion a year earlier, a rise of 16.5 percent. Month on month, inflows edged up 0.7 percent from USD 3.631 billion in July. Saudi Arabia, the UAE, the UK and the USA were the largest sources, sending USD 873.5 million, USD 749.8 million, USD 563.7 million and USD 308.9 million respectively.

Khurram Schehzad, adviser to the finance minister, said the inflows support the external account, household incomes, foreign exchange liquidity and reserves. Ibrahim Amin, a financial and banking expert, linked the growth to rising confidence among overseas Pakistanis, better banking links, a shift from hawala and hundi channels, and manpower exports to the GCC countries.