KARACHI: The State Bank of Pakistan (SBP) said on Wednesday that inflow of overseas Pakistanis’ remittances clocked in at $2.4 billion in December 2023, 5.4 percent higher on a month-on-month basis as compared to $2.25 billion in November 2023.
According to the data released on by the SBP, on a yearly basis, the monthly inflow of overseas remittances registered a rise of 13.4 percent as it stood at $2.1 billion in the same month of the last year.
In December 2023, workers’ remittances recorded an inflow of US$2.4 billion.
For details see https://t.co/rPOvn9Dr8Nhttps://t.co/7XBd4uOcHC#SBPRemittances pic.twitter.com/nXXRbkXOc5— SBP (@StateBank_Pak) January 10, 2024
Home remittances play a key role in supporting Pakistan’s external account, stimulating the country’s economic activity as well as supplementing disposable incomes of remittance-dependent households.
However, despite the rise in December, workers’ remittances inflow of $13.43 billion was recorded during July-December fiscal year, a decline of 6.8 percent YoY or $982.8 million, as compared to $14.42 billion registered in 3MFY23.
