Remittances jump 39pc in July-September
The country witnessed a significant surge in remittances during the first quarter of the current fiscal year (FY25), with inflows jumping 39 per cent compared to the same period last year. The State Bank reported on Wednesday that September remittances saw a remarkable 29pc increase compared to the same month last year. “Workers’ remittances recorded an inflow of $2.8 billion during September 2024,” said the SBP. In September 2023, the inflow was $2.208bn; thus, the increase in September was $641 million or 29pc. On a month-on-month basis, the inflows in September decreased by $94m, as the inflows in August were $2.943bn. However, quarterly inflows were significantly high, increasing by 39pc to $8.786bn during July-September FY25, compared to $6.332bn in the same quarter of FY24. The country received almost $2.5bn more in remittances during this quarter compared to that of last year.