The workers’ remittances increased by 31.7 per cent during the first seven months of the current fiscal year as compared to the corresponding period of last year, said the State Bank of Pakistan (SBP) on Monday.

The remittances reached $20.8 billion during July to January 2024-25 period as against the remittances of $15.8 billion received during the last period.

On a year-on-year basis, workers’ remittances during January 2025 recorded an inflow of $3 billion, posting an increase of 25.2 per cent as compared to the same month of last year.

Remittances inflows during January 2025 were mainly sourced from Saudi Arabia ($728.3 million), the United Arab Emirates ($621.7 million), the United Kingdom ($443.6 million) and the United States of America ($298.5 million).

In the recent past, the government launched a loan scheme offering up to Rs1 million for individuals who successfully secure employment overseas. The financial assistance is intended to cover airfares and other essential expenses for those venturing abroad.

While the government aims to export labour, there is a notable trend of skilled professionals, especially from the IT sector, leaving the country as well.

Finance Minister Mohammad Aurangzeb and SBP Governor Jameel Ahmed recently said that Pakistan is projected to receive approximately $35 billion in remittances for FY25, an increase from the $30.25 billion received in the previous year. They attributed this projected growth to improved inflows observed during the first seven months of the fiscal year.