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Remittances Increase By 26% to $2.4 Billion in First Month of 2024

The money sent by Pakistanis living in other countries went up by 26 percent in January 2024 compared to the same time last year. The State Bank of Pakistan shared this information, saying that the remittances reached $2.397 billion this year, while it was $1.9 billion last year.

Remittances Increase By 26% to $2.4 Billion in First Month of 2024

In December 2023, there were also high remittances of $2.4 billion, marking the highest increase since October 2021. Looking at the month-to-month comparison, the money sent in January 2024 increased by 1 percent compared to December 2023, which had $2.382 billion.

Breaking down the numbers, most of the money came from Saudi Arabia, with $587.3 million, followed by the United Arab Emirates (UAE) with $407.6 million, the United Kingdom (UK) with $362.1 million, European Union (EU) countries with $290.1 million, and the United States (US) with $283.4 million.

 European Union

In the first 7 months of the fiscal year 2023-24 (from July to January), the total remittances were $15.8 billion. This is 3 percent less compared to the same period last year when the remittances were $16.3 billion.

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