You are currently viewing Remittances to Pakistan Rise Marginally to $2.4 Billion in January

Remittances to Pakistan Rise Marginally to $2.4 Billion in January

KARACHI, Pakistan – Remittances from overseas Pakistani workers increased slightly by 0.6% to $2.4 billion in January 2024, the State Bank of Pakistan (SBP) reported on Monday.

“In terms of growth, remittances increased by 26.2% year-on-year and 0.6% month-on-month during January 2024,” the central bank stated.

The SBP said total remittances were $15.8 billion in the first seven months of this fiscal year.

Of the $2.4 billion in January, $587.3 million came from Saudi Arabia, $407.6 million from UAE, $362.1 million from UK, and $283.4 million from USA, per SBP data.

Read More: IMF to Delay $1.1 Billion Tranche Talks Till New Government Formed in Pakistan

In December 2023, remittances had risen 13.4% to $2.4 billion, indicating currency stability and signs of economic recovery. The month-on-month increase was 5.4%.

Saudi Arabia accounted for the highest inflow in December at $578 million, up 9%. Remittances from UAE rose 27% to $419 million that month.

Experts say steady remittances reflect the diaspora’s confidence in Pakistan’s economic potential. But the government must enact policies to sustain growth momentum.

Leave a Reply