Pakistan’s remittances 29% up to $17.80 billion

KARACHI: The State Bank of Pakistan (SBP) reported 29% increase in remittances in December 2024 compared to December 2023, with inflows reaching $3.10 billion.

According to SBP, remittances in December also showed a 6% growth compared to November 2024.

The report further highlighted that during the first six months of the fiscal year (July-December 2024), remittances sent by overseas Pakistanis totaled $17.80 billion, reflecting a 33% year-on-year increase.

The central bank on December 10, reported that the workers’ remittances increased by 33.6 per cent during the first five months of the current fiscal year as compared to the corresponding period of last year.

The remittances reached to US$ 14.8 billion during July-November 2024-25 as against the remittances of US$ 11.1 billion received during July-November 2023-24.

On year-on-year basis, workers’ remittances during November 2024 recorded an inflow of US$ 2.9 billion, posting an increase of 29.1 percent as compared to same month of last year.

Remittances inflows during November, 2024 were mainly sourced from Saudi Arabia ($729.2 million), United Arab Emirates ($619.4 million), United Kingdom ($409.9 million) and United States tof America ($288.2 million).