ISLAMABAD – The inflow of overseas workers’ remittances into Pakistan has gone up by 6 percent to $3.08 billion in December 2024.
The remittances have shown growth of 6 percent and were recorded at $3.08 billion in December 2024 as compared to the $2.92 billion in November 2024. On annual basis, the remittances have enhanced by 29.3 percent. “Workers’ remittances recorded an inflow of $3.1 billion during December 2024. In terms of growth, remittances increased by 29.3% on y/y and 5.6 % on m/m basis,” State Bank of Pakistan said on Friday. Cumulatively, with an inflow of $17.8 billion, workers’ remittances increased by 32.8 percent during H1FY25 compared to $13.4 billion received during the first half (July to December) of the current fiscal year FY24. Overseas Pakistanis in Saudi Arabia have remitted $770.6 million during the month of December, which is largest. The amount was up 6% on a monthly basis, but 33% higher than the $577.6 million sent by the expatriates in the same month of the previous year.
Remittances inflows from the United Arab Emirates (UAE) increased by 2% on a monthly basis to $631.5 million in December from $619.4 million in November. On a yearly basis, remittances jumped nearly 51%, as compared to $419.2 million reported in the same month last year. Remittances from the United Kingdom amounted to $456.9 million during the month, up by 11% compared to $409.9 million in November 2024. YoY inflows from UK improved by 24%.
Meanwhile, remittances from the European Union increased by 11% MoM as they amounted to $360.3 million in December 2024, as compared to $323.5 million in November. Overseas Pakistanis in the US sent $284.3 million in December 2024, a MoM decrease of 1%.
The government is expecting that remittances are expected to hit an all-time high of $35 billion in the current fiscal year 2024-25, compared to $30.25 billion registered in FY24. Prime Minister Shehbaz Sharif congratulated the nation on the “record increase”, saying that the claims of those who had been chanting to halt the country’s economy had proven to be baseless. “[A] record increase in the foreign remittances reflects the strong commitment of the overseas Pakistanis for playing their role in [the] development of the country,” the prime minister said in a statement. He added that after achieving economic stability, the country was now on the path of economic growth and the government was determined to ensure national development and public welfare.
