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KARACHI, Jan 10 (APP):Workers’ remittances from overseas to Pakistan rise 32.8 percent during the first half of fiscal year 2024-25 with inflows of US$ 17.845 billion from July to December 2024 while remittances recorded a monthly inflow of US$ 3.1 billion during December 2024.
The State Bank of Pakistan, in a statement issued here on Friday, 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.
The remittances inflow was recorded as $2.91 billion during November 2024 and $2.38 billion in December 2023, the report mentioned.
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.