In December 2023, remittances sent by overseas Pakistanis witnessed a noteworthy year-on-year surge of 13.4 percent, reaching $2.4 billion, as per data released by the State Bank of Pakistan (SBP). This marked a substantial increase compared to the $2.1 billion recorded in the corresponding period the previous year.
Arif Habib Limited (AHL) highlighted that this surge represented the highest growth rate reported since October 2021. On a month-on-month basis, December 2023 saw a 5 percent increase in remittance inflows compared to November 2023, with total inflows standing at $2.3 billion.
A breakdown of the remittance sources revealed that the major contributors were Saudi Arabia with $577.5 million, the United Arab Emirates (UAE) with $419.15 million, the United Kingdom (UK) with $368 million, European Union (EU) countries with $284.95 million, and the United States (US) with $263.87 million.
However, in the first six months (July-December) of the fiscal year 2023-24 (6MFY24), overall remittances amounted to $13.4 billion, reflecting a 7 percent year-on-year decline compared to the $14.4 billion received during the same period in the previous fiscal year.
