January sees 0.6% rise in workers remittances

 January sees 0.6% rise in workers remittances

January sees 0.6% rise in workers remittances

Workers remittances were $15.8 billion in the first seven months of the current fiscal year, according to SBP.

After seven months of the fiscal year, remittances totaled $15.8 billion.
Remittances rose 26.2% year over year.
Saudi Arabian laborers in Pakistan sent $587.3 million.

KARACHI: The State Bank of Pakistan (SBP) released a statement on Monday stating that the remittances from foreign workers were $2.4 billion in January. Representing a 0.6% month-over-month increase.

“Remittances grew by 26.2% year over year. And by 0.6% month over month in January 2024, according to the central bank.”

The central bank also disclosed that worker remittances totaled $15.8 billion during the first seven months of the current fiscal year.

Pakistani workers in Saudi Arabia sent $587.3 million. $407.6 million from the United Arab Emirates (UAE), $362.1 million from the United Kingdom. And $283.4 million from the United States out of the $2.4 billion, according to the SBP.

Remittances from foreign employees increased 13.4% to $2.4 billion in December 2023. Indicating a stable currency and indications of an improving economy.

Monthly, there was a 5.4% increase in remittances. The previous month’s inflows amounted to $2.2 billion.

According to the SBP’s statistics, Saudi Arabia accounted for the largest remittance inflow, with 9% growth to $578 million in December. In December of last year, Pakistani nationals employed in the United Arab Emirates sent $419 million home. A 27% increase from the $331 million they sent home in the same month the year before. Remittances from the UK increased by 15% to $368 million.

Web Desk

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