Pakistan experienced a significant boost in workers’ remittances during the month of April 2024, reaching $2.8 billion and securing the second-highest position in the ongoing fiscal year 2023-24.

According to the State Bank of Pakistan (SBP), workers’ remittances witnessed a growth of 3.5% to reach a cumulative total of $23.8 billion in the first 10 months of FY24, compared to the corresponding period of the previous year.

The main sources of remittance inflows in April 2024 were identified as Saudi Arabia ($712.0 million), the United Arab Emirates ($542.3 million), the United Kingdom ($403.2 million), and the United States of America ($329.2 million), as reported by the SBP.

In the preceding month of March 2024, remittance inflows had reached a 23-month high, nearing the $3 billion mark. Excluding the peak in March, April’s remittance inflows still achieved a 20-month high.

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The SBP revealed that remittances surged by nearly 28% in April 2024, amounting to $2.8 billion, compared to the same month in the previous year.

However, there was a slight decrease of approximately 7% compared to the preceding month of March 2024, which had recorded nearly $3 billion in remittance inflows.

Earlier in January 2024, SBP Governor Jameel Ahmad had projected that the overall workers’ remittances for the fiscal year 2023-24 would surpass $28 billion, exceeding the approximately $27 billion received in the previous fiscal year 2022-23.