Remittances rise slightly in January to $2.4bn

Published in The News on February 12, 2024

KARACHI: Pakistan received $2.4 billion in remittances from its overseas workers in January, up by 0.6% from the previous month, said the State Bank of Pakistan (SBP) in a statement on Monday.

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

The central bank also shared that in the first seven months of the ongoing fiscal year, the workers’ remittances stood at $15.8 billion.

As per the SBP, out of the $2.4 billion, Pakistani workers from Saudi Arabia sent $587.3 million, $407.6 million from the United Arab Emirates (UAE), $362.1 million from the United Kingdom and $283.4 million from the United States.

In December 2023, the remittances from overseas workers rose 13.4% to $2.4 billion a stable currency and signs of economic recovery.

The remittances increased by 5.4% on a month-on-month basis. These inflows totaled $2.2 billion in the previous month.

The SBP’s statistics showed that the largest remittance inflows came from Saudi Arabia, where they increased by 9% to $578 million in December. Pakistani nationals working in the UAE sent $419 million home in December, a 27% increase over the $331 million they sent home in the same month the previous year. Remittances from the UK rose to $368 million, a 15% rise.

Your Comment:

Related Posts

CIMRAD, Print Media

Over 23,000 Pakistanis languishing in foreign jails, Senate panel told

By Jamal Shahid Published in Dawn on February 21, 2024 ISLAMABAD: As almost 23,456 Pakistan nationals are imprisoned abroad, mostly in the Gulf countries, the Senate Standing Committee on Human Rights on Tuesday directed the foreign ministry to formulate a much-delayed ‘Uniform Consular Protection Policy’ within three months and get it approved by the government for its […]


Print Media

Political instability can mar IMF programme: Fitch

Published in The Express Tribune on February 19, 2024 ISLAMBAD: The international credit rating agency Fitch has warned that the close outcome of the Feb 8 general elections and resulting near-term political uncertainty may complicate efforts to secure a financing agreement with the International Monetary Fund. “This looks set to be a coalition of the Pakistan Muslim[…]