KARACHI: Remittances to Pakistan from its foreign workers totaled $2.4 billion in January, up 0.6% from the previous month, according to a statement released by the State Bank of Pakistan (SBP) on Monday.

“In terms of growth, remittances increased by 26.2% year over year and by 0.6% month over month during January 2024,” the central bank stated.

The central bank also disclosed that worker remittances totaled $15.8 billion over the first seven months of the current fiscal year.

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Pakistani workers in Saudi Arabia sent $587.3 million, $407.6 million from the United Arab Emirates (UAE), $362.1 million from the United Kingdom, and $283.4 million from the United States out of the $2.4 billion, according to the SBP.

Remittances from foreign employees increased 13.4% to $2.4 billion in December 2023, indicating a stable currency and indications of an improving economy.

Monthly, there was a 5.4% increase in remittances. The prior month’s inflows amounted to $2.2 billion.

According to the SBP’s statistics, Saudi Arabia accounted for the greatest remittance inflow, with 9% growth to $578 million in December. In December of last year, Pakistani citizens employed in the United Arab Emirates sent $419 million home, a 27% increase over the $331 million they sent home in the same month the year before. Remittances from the UK increased by 15% to $368 million.

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