KARACHI: Pakistan received $2.4 billion in remittances from its overseas workers in January, up by 0.6% from the previous month, said the State Bank of Pakistan (SBP) in a statement on Monday.
“In terms of growth, during January 2024, remittances increased by 0.6% on month-on-month and 26.2% on a year-on-year basis,” said the central bank.
The central bank also shared that in the first seven months of the ongoing fiscal year, the workers' remittances stood at $15.8 billion.
As per the SBP, out of the $2.4 billion, Pakistani workers from 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.
In December 2023, the remittances from overseas workers rose 13.4% to $2.4 billion a stable currency and signs of economic recovery.
The remittances increased by 5.4% on a month-on-month basis. These inflows totaled $2.2 billion in the previous month.
The SBP's statistics showed that the largest remittance inflows came from Saudi Arabia, where they increased by 9% to $578 million in December. Pakistani nationals working in the UAE sent $419 million home in December, a 27% increase over the $331 million they sent home in the same month the previous year. Remittances from the UK rose to $368 million, a 15% rise.
Analysts say significant chunk of foreign supply has been absorbed, giving more confidence to buyers
Jameel Ahmed notes decline in inflation has positively impacted monetary policy
Muhammad Aurangzeb underscores government's efforts for privatisation of sick units and power sector reforms
“All our economic sectors are open for investment,” says privatisation minister
Separately, CM Murad says his govt has implemented measures to combat extremism and terrorism
Analysts say high base effect, lower global commodities, oil prices, stable exchange rate led to drop in consumer prices
