KARACHI: Workers’ remittances to Pakistan increased by 32.8% during the first half of the fiscal year 2024-25, with total inflows reaching $17.845 billion from July to December 2024.
According to data released by the State Bank of Pakistan on Friday, in December 2024 alone, monthly remittances amounted to $3.1 billion.
Home remittances play a crucial role in strengthening Pakistan’s external account, boosting economic activity, and increasing the disposable income of remittance-dependent households.
Finance Minister Muhammad Aurangzeb recently stated that workers’ remittance inflows are expected to reach a record high of $35 billion in the fiscal year 2024-25, compared to $30.25 billion in FY24.
State Bank of Pakistan (SBP) Governor Jameel Ahmad also expressed confidence that remittance flows would “comfortably achieve” the $35 billion target for the current fiscal year.
The State Bank of Pakistan, in a statement stated “Cumulatively, with an inflow of US$ 17.8 billion, workers’ remittances increased by 32.8 percent during H1FY25 compared to US$ 13.4 billion received during H1FY24.”
Workers’ remittances recorded an inflow of US$ 3.1 billion during December 2024 which depicts a growth of 29.3% as compared to December 2023 and 5.6% increase in comparison to November 2024, it added.
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The remittances inflow was recorded as $2.91 billion during November 2024 and $2.38 billion in December 2023, the report added.
Remittances inflows during December 2024 were mainly sourced from Saudi Arabia ($770.6 million), United Arab Emirates ($631.5 million), United Kingdom ($456.9 million) and United States of America ($284.3 million), the SBP reported.
The contribution of expatriates in remittances from other GCC countries during December 2024 recorded as $310 million, from European Union countries $360.3 million, from Australia $68.8 million, Malaysia $ 15.8 million and Norway $9.6 million, the report depicted.
