Saudi Arabia remains the largest contributor of remittances to Pakistan.

Feb 15, 2024

Data published by the Central Bank of Pakistan on Monday showed that Saudi Arabia remained the largest source of worker remittances to Pakistan during the seven months of the current fiscal year, with Riyadh contributing $3.8 billion out of the total $15.8 billion received by Pakistan, from July 2023 to January 2024.

Saudi Arabia remains one of the most popular destinations for Pakistani workers remitting money to their families. Workers’ remittances are critical for Islamabad, which is suffering from an economic crisis that has reduced its reserves to historic lows and weakened its currency against the US dollar, forcing it to seek financial assistance from global lenders and friendly countries. According to a press statement from the State Bank of Pakistan, Pakistan received $2.4 billion in remittances in January 2024, up 0.6 percent from December 2023 and 26.2 percent from the previous year. According to the central bank, Pakistan received a total of $15.8 billion in remittances from the Kingdom of Saudi Arabia ($3.8 billion), the Emirates ($2.7 billion), and Pakistani workers from other Gulf countries ($1.7 billion) during the first seven months of this fiscal year.