Remittances in July surge by 48pc

Islamabad: The remittances sent by overseas Pakistanis increased by 48 percent to $2.995 billion in July.

According to a report, referring to the data released by the State Bank of Pakistan (SBP), it was stated that remittances reached 2.995 billion dollars in July 2024, which was $2.29 billion in July last year.

The experts said that the increase in remittances is a positive sign during times of political and economic uncertainty.

However, despite an increase in remittances on a year-on-year basis, remittances declined month-on-month, with the central bank reporting that overseas Pakistanis remitted $153.3 million, or five percent less, in July compared to $3.158 billion in June.

During the fiscal year 2024, Pakistan received remittances of 30.20 billion dollars, which is 11 percent more than the 27.33 billion dollars of the fiscal year 2023.

However, currency experts have warned that remittances will be significant this year due to a decline in exports.