The State Bank of Pakistan on Friday said remittances from overseas Pakistanis recorded inflows of $3.1 billion in December which Prime Minister Shehbaz Sharif hailed as a “record increase”.

A statement issued today said the growth in workers’ remittances was 29.3 per cent compared to the same month last year and a 5.6pc increase in comparison to November 2024.

The SBP added that overall remittances rose 32.8pc during the first half of the fiscal year 2024-25, with inflows of $17.8bn from July to December 2024 compared to $13.4bn in the last fiscal year’s corresponding period.

A separate detailed remittance report said that inflows of $2.91bn were recorded during November and $2.38bn in December 2023.

According to the SBP, inflows in December were mainly sourced from Saudi Arabia ($770.6 million), the United Arab Emirates ($631.5m), the United Kingdom ($456.9m) and the United States($284.3m).

Remittances from other Gulf countries during December totalled $310m, $360.3m from the European Union, $68.8m from Australia, $15.8m from Malaysia and $9.6m from Norway, the report added.

Prime Minister Shehbaz Sharif congratulated the nation on the “record increase”, saying that the claims of those who had been chanting to halt the country’s economy had proven to be baseless.

“[A] record increase in the foreign remittances reflects the strong commitment of the overseas Pakistanis for playing their role in [the] development of the country,” the prime minister said in a statement.

He added that after achieving economic stability, the country was now on the path of economic growth and the government was determined to ensure national development and public welfare.

State Bank Governor Jameel Ahmed expressed hopes a day ago that an uptick in remittances and a dip in inflation would lend stability to the economy this year.

He estimated remittances to be in the region of $35bn in FY25.

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

In fight mode

In fight mode

The bouts between political parties and establishment take a toll on country far more than they do on political parties.

Editorial

Meltdown
08 Apr, 2025

Meltdown

A full-blown trade war is upon us as the era of the rules-based, multilateral trading order is nearly over.
Settling differences
Updated 08 Apr, 2025

Settling differences

Unless there is a broad agreement on the path forward, the country will remain trapped in a cycle of recurring instability.
Glacial ingenuity
08 Apr, 2025

Glacial ingenuity

NECESSITY is indeed the mother of invention, as witnessed in Gilgit-Baltistan. In these areas, where climate change...
Going dry
Updated 07 Apr, 2025

Going dry

Authorities should refrain from undertaking any water scheme that infringes on rights of any federating unit to avoid more controversies.
Afghan return
07 Apr, 2025

Afghan return

AS expected, the government of Pakistan is moving ahead with its plan to forcibly repatriate Afghan Citizenship Card...
Hurting women
07 Apr, 2025

Hurting women

MONTH after month, the figures of crimes against women in the country indicate that our society is close to...