Pakistan received the highest workers’ remittances of the ongoing fiscal year 2024-25 at $3.1 billion in October 2024, playing a vital role in enhancing the country’s foreign exchange reserves and stabilising the rupee against the dollar.

“Workers’ remittances recorded an inflow of US$ 3.1 billion during October 2024,” the State Bank of Pakistan said on Friday.

The record of all-time high inflow of workers’ remittances stands at $3.24 billion, which the non-residents sent home in May 2024. It was ahead of Eidul Azha which was celebrated in June.

In terms of growth, remittances increased by 6.7 per cent and 23.9 per cent on a month-on-month basis and year-on-year basis respectively.

“Cumulatively, with the inflow of US$ 11.8 billion, workers’ remittances increased by 34.7 per cent during Jul-Oct FY25 compared to US$ 8.8 billion received during Jul-Oct FY24,” it said.

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The major contributors to October’s remittance inflows were Saudi Arabia ($766.7 million), the United Arab Emirates ($620.9 million), the United Kingdom ($429.5 million) and the United States of America ($299.3 million).