Karachi, Pakistan’s workers’ remittances saw a notable increase in December 2023, with a total inflow of US$2.4 billion. This growth reflects a positive trend in the country’s economy, with remittances playing a crucial role in supporting the financial stability of many families and contributing to the national income.

According to State Bank of Pakistan, remittances in December 2023 showed a growth of 5.4 percent on a month-to-month basis and 13.4 percent on a year-to-year basis. This surge in remittances is a positive indicator of the economic contributions of Pakistani workers abroad, showcasing their significant role in the nation’s economy.

The first six months of the fiscal year 2024 recorded a total inflow of US$13.4 billion in workers’ remittances, marking a substantial contribution to Pakistan’s foreign exchange reserves. The inflows for December 2023 were primarily sourced from key countries, including Saudi Arabia ($577.6 million), the United Arab Emirates ($419.2 million), the United Kingdom ($368.0 million), and the United States of America ($263.9 million).

The steady increase in remittances reflects the strong ties of the Pakistani diaspora to their homeland and underscores the importance of remittances in supporting the country’s economic development. The State Bank of Pakistan’s report highlights the vital role that remittances play in the nation’s financial ecosystem, providing a crucial source of foreign currency and aiding in balancing the country’s external accounts.