Pakistan's remittances climb by 33.6% to $14.8 billion 

ISLAMABAD: The workers’ remittances increased by 33.6 percent during the first five months of the current fiscal year as compared to the corresponding period of last year, according to latest data of State Bank of Pakistan (SBP) released on Monday.

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).

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On December 6, he State Bank of Pakistan (SBP) witnessed a surge in the foreign exchange reserves with a reported increase of $620 million.

The State Bank of Pakistan in a statement said that “the total foreign reserves of Pakistan surged to US$16.62 billion supported by recent Asian Development Bank (ADB) loan transfer, while the SBP reserves crossed $12 billion as of November 29, 2024.”

According to the SBP, the total liquid foreign exchange reserves held by the central bank, increased by $620 million to $12,038.3 million after the official inflow of $500 million from ADB.

The SBP has received $500 million from Asian Development Bank (ADB) for the Climate Change and Disaster Resilience Enhancement Program (CDREP) as a policy-based loan to support disaster risk reduction and resilience in Pakistan.