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Workers’ remittances reach $2.4 billion in Jan 2024

KARACHI: State Bank of Pakistan (SBP) said on Monday that workers’ remittances recorded an inflow of US$2.4 billion during Jan 2024.

According to SBP information, in terms of growth, during Jan 2024, remittances increased by 0.6 percent on month-on-month basis and 26.2 percent on year-on-year basis.

The workers’ remittances inflow of US$ 15.8 billion has been recorded during first seven months of FY24.

Remittances inflows during Jan 2024 were mainly sourced from Saudi Arabia ($587.3 million), United Arab Emirates ($407.6 million), United Kingdom ($362.1 million) and United States of America ($283.4 million).

In Dec 2023, workers’ remittances recorded an inflow of US$2.4 billion during Dec 2023. In terms of growth, during Dec 23, remittances increased by 5.4 percent on month-on-month basis and 13.4 percent on year-on-year basis.