The State Bank of Pakistan (SBP) has reported a record-breaking inflow of $18 billion in workers' remittances during the first six months of the fiscal year 2024-25.
The data, released by the SBP, highlights a significant contribution from overseas Pakistanis, strengthening the country’s economy and stabilizing the national currency.
From July to December 2024, remittances totalled $17.84 billion, with $3.88 billion received in December alone. This marks a 6% increase on a monthly basis and a substantial 29% rise compared to the same period last year.
Saudi Arabia led the remittance inflow in December, with Pakistanis residing there sending $770 million. The United Arab Emirates (UAE) followed with $630 million, the United Kingdom with $460 million, and the United States with $284 million.
Experts believe this surge in remittances will significantly impact the country’s economic outlook, contributing to a current account surplus and lending stability to the Pakistani rupee.
The government has emphasized its mission to revitalize the economy, with remittances playing a pivotal role.
Prime Minister Shehbaz Sharif congratulated the nation on achieving a record increase in remittances. He noted that $3.1 billion in remittances were received by December 2024, marking a 5.6% increase compared to November 2024. Additionally, remittances saw a remarkable 29.3% growth from December 2023 to December 2024.
“The increase in remittances reflects the unwavering commitment of overseas Pakistanis to contribute to the country’s development,” PM Shehbaz said, adding that the claims of those predicting economic collapse have been disproven, as Pakistan had transitioned from economic stability to the path of growth.
“The government remains steadfast in its mission to ensure the country’s progress and the welfare of its people,” Prime Minister Sharif affirmed.
