Islamabad: Remittances from overseas Pakistanis experienced a significant boost in August 2024, jumping 40% to reach USD 2.943 billion, up from USD 2.094 billion in the same month of the previous fiscal year.

According to Zameen.Com, this increase continues a trend seen over the last four months, with remittances consistently nearing or surpassing USD 3 billion. Specifically, May recorded USD 3.242 billion, June saw USD 3.158 billion, and July reached USD 2.994 billion. Despite this overall upward trend, there was a slight month-on-month decline of 2% in August compared to the figures from July 2024.

The primary contributors to the August remittance figures were Saudi Arabia, with USD 713 million, followed by the UAE at USD 538 million, the UK at USD 475 million, and the US contributing USD 322 million. Collectively, for the first two months of FY25, total remittances have seen a rise of 44%, totaling USD 5.937 billion, showcasing a robust growth compared to the same period last year.