Remittances Cross $3 Billion Mark After Going Up by 29% in December 2024

Remittances by overseas Pakistanis increased by 29 percent year-on-year (YoY) to $3.1 billion during December 2024 compared to $2.4 billion during December 2023, according to latest data by the State Bank of Pakistan (SBP). On a month-on-month (MoM) basis, remittances increased by 6 percent. A breakdown of the numbers shows that the highest inflows were registered from Saudi Arabia, coming in at $770.6 million, followed by the United Arab Emirates (UAE) at $631.5 million, the United Kingdom (UK) at $456.9 million, European Union (EU) countries at $360.3 million, and the United States (US) at $284.3 million. The inflows from Saudi Arabia were up 35.9 percent YoY, while the inflows from UAE, and the US were up by 53.9 percent YoY and 12.5 percent YoY, respectively. The inflows from European Union (EU) countries registered an increase of 26 percent YoY while that from the UK increased by 32.7 percent. In 1HFY25, remittances increased by 33 percent YoY to $17.8 billion.