In fiscal year 2023-2024, Pakistan’s expatriate income or remittances increased by 30.3 billion dollars or 10 percent. Although in the previous fiscal year 2022-23, the country’s expatriate income was 27.3 billion dollars. The Central Bank of Pakistan released this information on Tuesday (July 9).
However, on a monthly basis, the country’s expatriate income declined in June 2024. In May 2024, the country’s expatriate income was $3.24 billion, which decreased to $3.16 billion in June. However, remittances increased by 44 percent year-on-year.
According to the data published by the United Nations, Pakistan will rank fifth in the world in terms of expatriate income in 2023.
India will receive the most remittances in 2023 ($120 billion). In this case, Mexico was in the second position (66 billion dollars). China was in the third position with 50 billion dollars. The Philippines was in fourth position with $39 billion.
In June 2024, most remittances came to Pakistan from Saudi Arabia. However, it is 1 percent less than the previous month and 57 percent higher than the same period last year.
Moreover, the country’s remittances from the United Arab Emirates fell by two per cent in June despite a 101 per cent increase on a year-on-year basis.
Remittances from the UK to Pakistan totaled $487.4 million in June 2024, down from $437 million in May.
Note that remittances from expatriates are one of the main sources of foreign exchange for Pakistan. Those concerned say that Pakistan government’s various benefits for sending money through legal channels and strict measures against sending money through illegal channels like hundi have played a positive role in increasing expatriate income.
South Asia receives the largest inflow of remittances globally. Because there is a significant number of migrant workers from this region. Among these, Pakistan is among the top 10 recipients of international remittances in the world.
Source: Geo News
