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Pakistan

Pakistan’s remittances clock in at $2.4bn in December, up 5.4% from November

  • Inflow 13.4% higher on yearly basis, Saudi Arabia remains biggest source of remittances in December
Published January 10, 2024

Inflow of overseas workers’ remittances clocked in at $2.4 billion in December 2023, 5.4% higher on a month-on-month basis when compared to $2.25 billion in November 2023, showed data released on Wednesday by the State Bank of Pakistan (SBP).

On a yearly basis, the monthly inflow of remittances registered an increase of 13.4% as it stood at $2.1 billion in the same month of the previous year, data showed.

Home remittances play a significant role in supporting the country’s external account, stimulating Pakistan’s economic activity as well as supplementing disposable incomes of remittance-dependent households.

Jul-Nov remittances down 10pc to $11.045bn YoY

However, despite the increase in December, workers’ remittances inflow of $13.43 billion was recorded during July-December FY24, a decline of 6.8% YoY or $982.8 million, as compared to $14.42 billion registered in 3MFY23.

Breakdown

Overseas Pakistanis in Saudi Arabia remitted the largest amount in December 2023 as they sent $577.6 million during the month. The amount improved by 6% on a monthly basis, and was over 9% more than the $529.9 million sent by the expatriates in the same month of the previous year.

Inflows from the United Arab Emirates (UAE) saw a marginal increase of nearly 2% on a monthly basis, from $411.8 million in November to $419.2 million in December. On a yearly basis, the remittances registered a massive increase of nearly 27%, as compared to $331 million reported in same month last year.

Remittances from the United Kingdom amounted to $368 million during the month, a rise of 7.5% compared to $342.2 million in November 2023.

Meanwhile, remittances from the European Union improved 19% year-on-year and 6% on a monthly basis as they amounted to $284.9 million in December 2023. Overseas Pakistanis in the US sent $263.9 million in December 2023, a year-on-year increase of 8.5%.

Last month, the World Bank projected a drop in remittance flows to Pakistan to $24 billion in 2023 and further drop below $22 billion with 10% decline in 2024, saying the growing economic turmoil sparked by a balance of payment crisis and high debt have led to a worsening loss of public confidence reflected in a diversion of remittances from formal to informal channels.

Comments

200 characters
JJ Jan 10, 2024 12:57pm
Economy is tanking...overseas Pakistanis doing their job!
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Kainat Waseem Jan 10, 2024 01:31pm
I am a student and I need this for traveling
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KhanRA Jan 10, 2024 01:55pm
This is only through official channels. Majority of remittances are not via regular banking system.
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Fazeel Siddiqui (Overseas Pakistani) Jan 10, 2024 02:47pm
Where and how the 80b rupees package is being used? if the remittances are not rising commensurately. Though $24 is also a good number if compared to 20 16 the golden times of PMLN claimed.
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Az_Iz Jan 10, 2024 07:16pm
The crackdown by the government on illegal channels is also a factor.
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Az_Iz Jan 10, 2024 07:17pm
If the trend continues, WB projections will be wrong.
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zh Jan 10, 2024 09:34pm
Now, some sob would attribute the increase in remittance to the SIFC's efforts.
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Actual Truth Jan 10, 2024 09:36pm
The remittence inflows from official channels in 2023 were 26.37 billion and I think they will sustain here because our overseas brothers and sisters cannot let their family here starve as they know no one here cares for it. This is a far cry from 31 billion + level achieved in the last year of IK and it is very difficult to achieve this level again until there is an end to this political sh** show and a proper representative Government is brought in. But then again who cares where Pakistan's economy is going when no one cares about its constitution, law and its citizens human rights. There are other things which are more important, like Self Interest, Power Lust, Corruption, keeping the nation under boots and bringing Nawaz back and yes keeping bhutto alive
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