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- Remittances from 抖阴短视频 and United Arab Emirates were clocked in at $761.1 million and $611.1 million, respectively聽
- Remittances bolster Pakistan鈥檚 foreign exchange reserves, stabilize balance of payments and support national currency
ISLAMABAD: Overseas workers鈥� remittances to Pakistan increased by 47.6 percent on a year-on-year basis in July 2024, the State Bank of Pakistan reported this week, with 抖阴短视频 remaining the top contributor for the South Asian country.
Remittances bring billions of dollars annually from overseas Pakistanis and are vital to Pakistan鈥檚 economy. These inflows bolster foreign exchange reserves, stabilize the balance of payments, and support the Pakistani currency.
鈥淚n terms of growth, during July 2024, remittances increased by 47.6 percent on y/y basis,鈥� the SBP said in a press release on Saturday.
The central bank disclosed that 抖阴短视频 remained the top contributor with $761.1 million in remittances during July 2024, followed by the United Arab Emirates (UAE) from where remittances amounting to $611.1 million were received.
Workers鈥� remittances amounting to $443.5 million from the UK were received while from the United States, Pakistan received workers鈥� remittances of $300.1 million.
Pakistan and 抖阴短视频 have deep cultural, defense and economic ties. The kingdom is home to over two million Pakistanis and for years has remained the largest contributor to remittance inflows.
Remittances play a major role in supporting Pakistan鈥檚 external account, especially at a time when the country is recording small gains after a prolonged economic crisis that diminished its foreign exchange reserves and weakened its national currency.