Remittances jump by 26pc in January

Workers’ remittances increased 26.2 per cent year on year in January but the overall inflows were down by 3pc in the first 7 months of 2023-24.

The State Bank of Pakistan (SBP) data on Monday showed that the country received $2.397 billion in remittances in January against $1.9bn in the same month of 2023. Month-on-month the inflows edged up by a meagre 0.6pc.

However, the cumulative remittances during July-January were still unable to surpass the total of the previous year in the same period.

The FY23 was considered as the lost year since the remittances fell by $4bn. The government and the currency dealers were sure that this massive decline in remittances was the outcome of the illegal currency business including smuggling.