The State Bank of Pakistan said on Friday that remittances from overseas Pakistanis recorded $3.1 billion inflows in December, which Prime Minister Shehbaz Sharif called a “record increase”.
Workers’ remittances rose 29.3 percent from the same month last year and 5.6 percent from November 2024, a statement released today said.
The State Bank added that gross remittances increased by 32.8 per cent during the first half of the financial year 2024-25, with inflows of $17.8 billion from July to December 2024, as against $13.4 billion in the same period of the previous financial year. .
A separate detailed remittance report said inflows were recorded at $2.91 billion during November and $2.38 billion in December 2023.
According to the State Bank, inflows in December came mainly from Saudi Arabia ($770.6 million), the United Arab Emirates ($631.5m), the United Kingdom ($456.9m) and the United States ($284.3m).
The report added that during December, remittances from other Gulf countries were $310 million, from the European Union $360.3 million, from Australia $68.8 million, from Malaysia $15.8 million and from Norway $9.6 million.
Prime Minister Shahbaz Sharif while congratulating the nation on the record increase said that the claims of those raising slogans of stopping the country’s economy were proved to be baseless.
“[A] The record growth in foreign remittances reflects the determination of overseas Pakistanis to play their part. [the] development of the country,” the prime minister said in a statement.
He further said that after achieving economic stability, the country is now on the path of economic development and the government is determined to ensure national development and public welfare.
State Bank Governor Jameel Ahmed a day ago expressed hope that the increase in remittances and reduction in inflation would stabilize the economy this year.
He estimated that remittances would be in the region of $35 billion in FY25.