Workers Remittance Increase by 0.6 Percent in January

As per the State Bank of Pakistan (SBP), workers’ remittance for January 2024 amounted to US$2.4 billion This represents a significant one-month increase of 0.6 percent but a strong increase of 26.2 percent on year-on-year basis.

For the first seven months of the 2024 fiscal year, the total of the workers’ remittances is $15.8 billion, an amount suggestive of the endurance and stability of the remittance industry.

The main source of remittance inflows in January 2024 were Saudi Arabia at $587.3 million, and the United Arab Emirates at $407.6 million. The United Kingdom and United States of America were also significant players, with $362.1 million and $283.4 million in contributions, respectively.

It is pertinent to mention that remittances from overseas workers posted 13.4% growth in December 2023 to $2.4 billion as the stable currency and economic recovery.