The State Bank of Pakistan said on Friday that remittances from overseas Pakistanis recorded inflows of $3.1 billion in December, which Prime Minister Shehbaz Sharif hailed as a “record increase.”
A statement issued today said the growth in workers’ remittances was 29.3 percent compared to the same month last year and an increase of 5.6 percent compared to November 2024.
The SBP added that total remittances increased by 32.8 per cent during the first half of fiscal year 2024-25, with inflows of $17.8 billion from July to December 2024, compared to $13.4 billion in the corresponding period. of the last fiscal year.
A separate detailed report on remittances said inflows of $2.91 billion were recorded during November and $2.38 billion in December 2023.
According to the SBP, December inflows came mainly from Saudi Arabia ($770.6 million), the United Arab Emirates ($631.5 million), the United Kingdom ($456.9 million) and the United States ($284.3 million).
Remittances from other Gulf countries during December totaled $310 million, $360.3 million from the European Union, $68.8 million from Australia, $15.8 million from Malaysia and $9.6 million from Norway, the report adds.
Prime Minister Shehbaz Sharif congratulated the nation on the “record surge” and said claims by those who had been shouting to halt the country’s economy had proven to be baseless.
“[A] The record rise in foreign remittances reflects the strong commitment of overseas Pakistanis to play 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.
State Bank Governor Jameel Ahmed a day ago expressed hope that an increase in remittances and a fall in inflation would give stability to the economy this year.
He estimated that remittances will be around $35 billion in FY25.
