DUBAI: Remittances from Pakistani expatriates working in the United Arab Emirates (UAE) have exhibited year-on-year growth during the first nine months of the current financial year, according to data released by the State Bank of Pakistan.
In the initial nine months of the ongoing fiscal year, Pakistani workers in the UAE sent foreign exchange amounting to $3.669 billion to their home country. This figure reflects a 1% increase compared to the same period in the previous financial year.
The State Bank’s report highlights a notable surge in remittance volumes from Pakistani workers in the UAE during March 2024. Remittances recorded in the month amounted to $548 million, marking a substantial 34% rise compared to March of the preceding year. This month last year, Pakistanis working in the UAE remitted $410 million in foreign exchange to Pakistan.
It is noteworthy that the total remittance volume from overseas Pakistanis in the first nine months of the current fiscal year stands at $21.037 billion, indicating a significant contribution to the country’s foreign exchange reserves.
