The State Bank of Pakistan reported a record inflow of $3.1 billion in December 2024, which Prime Minister Shehbaz Sharif lauded as a “historic increase.”
Key Figures:
- Remittances grew by 29.3% compared to December 2023.
- A 5.6% increase from November 2024.
- Total remittances for the first half of FY2024-25 reached $17.8 billion, a 32.8% increase from $13.4 billion during the same period last fiscal year.
Major Sources:
- Saudi Arabia: $770.6 million.
- UAE: $631.5 million.
- UK: $456.9 million.
- USA: $284.3 million.
- Other countries:
- Gulf nations: $310 million.
- EU: $360.3 million.
- Australia: $68.8 million.
- Malaysia: $15.8 million.
- Norway: $9.6 million.
Prime Minister’s Statement:
PM Shehbaz Sharif congratulated the nation, emphasizing that the record increase showcases overseas Pakistanis’ commitment to national development. He affirmed that the country is transitioning from economic stability to growth.
SBP Governor’s Insight:
State Bank Governor Jameel Ahmed projected that rising remittances and declining inflation would stabilize the economy, estimating remittances to reach $35 billion by FY2025.
