KARACHI: The country received worker’s remittance inflows of $ 2.4 billion during January 2024. The State Bank of Pakistan (SBP) on Monday reported a slight increase in the monthly inflows of workers’ remittances, sent by overseas Pakistanis during January 2024.
In terms of growth, month-on-month basis during January 2024, remittances increased by 0.6 percent and Year on Year (YoY) basis 26.2 percent.
Inflows of home remittances worth $ 2.397 billion arrived in January 2024, compared to $2.382 billion in December 2023, depicting an increase of $ 15 million.
Pakistan’s remittances clock in at $2.2bn in September, 5.5% higher on monthly basis
However, on YoY basis, remittances received in January 2024 are some $ 497 million higher than inflows of January 2023, in which the country fetched $ 1.9 billion remittances.
Remittance inflows during January 2024 were mainly sourced from Saudi Arabia worth $587.3 million, United Arab Emirates (UAE) $407.6 million, United Kingdom (UK) $362million and United States of America (USA) $283.4 million.
Cumulatively, inflows of workers’ remittances declined by 3 percent during the first seven months of this fiscal year (FY24). Pakistan received home remittances amounted $ 15.832 billion during July-Jan of FY compared to $16.317 billion in the same period of last fiscal year (FY23), depicting a decline of $ 485 million. Among three leading home remittance corridors, the USA and UK posted a slight increase, while remittances from Saudi Arabia recorded decline.
Inflows of home remittances from the US, slightly surged by 1.6 percent to $ 1.86 billion in the first seven months of this fiscal year compared to $ 1.705 billion in the same period of last fiscal year. During the period under review, workers’ remittances from the UK rose to $ 2.35 billion, up from $2.331 billion.
Inflows of remittances from Saudi Arabia declined by 3.5 percent to $3.98 billion in July-Jan of FY24 as against $4.583 billion in corresponding period of last fiscal year. However, despite some decline, with 24 percent share Saudi Arabia is still the largest contributor in the overall remittances arrived during this fiscal year.
Copyright Business Recorder, 2024
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