Remittances rise 11pc to reach $30.3bn

The country received over $30 billion in remittances in FY24, showing an increase of 10.7 per cent over the last fiscal year, while inflows for last month jumped by 44pc year-on-year, the central bank reported on Tuesday. The country received almost $3bn more than the receipts for last year, but it was still below the record inflows of $31.3bn in FY22. The growth in remittances has already exceeded the earnings from exports, reflecting the increasing dependence of the economy on overseas Pakistanis. According to the State Bank, the total remittances in FY24 were $30.3bn, compared to $27.3bn in FY23. Financial experts said the growth is satisfactory for the government since it follows another encouraging report that the current account deficit had come down to just $464 million during the first 11 months of FY24 (July 2023 to May 2024).