Pakistan gets $3.1bn in December remittances, YoY growth of 29.6%

ISLAMABAD: The flow of workers’ remittances into Pakistan reached $3.1 billion in December 2024, 29.3pc higher than the $2.38 billion of the same month last year.

In its latest data released on Friday, the State Bank of Pakistan (SBP) showed that remittances along with a year-on-year increase also registered a month-on-month growth of 5.6pc, compared to the previous month’s $2.92 billion.

The inflow increased 32.8pc to $17.8 billion during the first half of the fiscal year 2024-25, compared to $13.4 billion received during the first half of FY 2023-24, the central bank said.

As per the data, Pakistanis in Saudi Arabia contributed the most to remittance inflow with $770.6 million during December 2024, a month-on-month 6pc increase.

Inflow from the United Arab Emirates also increased by 2% on a monthly basis to $631.5 million.

According to the SBP, $456.9 million were sent from the United Kingdom, $284.3 million from the United States of America (USA), and $360.3 million from European Union countries, which increased by 11% MoM.

Prime Minister Shehbaz Sharif felicitated the nation on a record increase in foreign remittances in December 2024, saying “the claims of those who had been chanting to halt the country’s economy had proven to be baseless.”

In a press statement issued by PM Office Press Wing, the premier said the record increase in foreign remittances reflects the strong commitment of overseas Pakistanis to playing their role in the development of the country.