Remittances Increase By 26% to $2.4 Billion in First Month of 2024

Remittances sent by overseas Pakistanis increased by 26 percent year-on-year (YoY) to $2.397 billion in January 2024 compared to inflows of $1.9 billion registered in the same period last year, according to the data on remittances released by the State Bank of Pakistan (SBP) on Monday. Inflows of $2.4 billion were also reported for December 2023 in the previous update, the highest increase at the time since October 2021. On a month-on-month (MoM) basis, the inflows in January 2024 increased by 1 percent over inflows of $2.382 billion registered in December 2023. A breakdown of the numbers shows that the highest inflows were registered from Saudi Arabia, coming in at $587.3 million, followed by the United Arab Emirates (UAE) at $407.6 million, the United Kingdom (UK) at $362.1 million, European Union (EU) countries at $290.1 million, and the United States (US) at $283.4 million. During the 7 months (July-January) of the fiscal year 2023-24 (7MFY24), remittances stood at $15.8 billion, down 3 percent YoY compared to remittances of $16.3 billion registered in the same period last year.