Remittances from Pakistanis working in European Union (EU) countries have witnessed a significant 27% growth in the first two months of the current fiscal year. According to data released by the State Bank of Pakistan, overseas Pakistanis in EU nations sent home $727 million during July and August, compared to $574 million during the same period last year. In August alone, remittances from the EU amounted to $376 million, marking a 29% year-on-year increase from $291 million in August 2023. On a monthly basis, remittances from the EU rose by 7%, up from $351 million in July to $376 million in August 2024. Overall, remittances from overseas Pakistanis in the first two months of FY2024 reached $5.937 billion, showing a substantial 44% increase compared to the same period last year.

Credit: Independent News Pakistan