Remittance surge propels domestic investment, growth in Pakistan
In a significant economic development, the surge in the workers’ remittances has not only strengthened the foreign exchange reserves but also sparked a wave of investment, contributing to economic growth and job creation, reports WealthPK.
According to the State Bank of Pakistan (SBP), remittances reached an impressive US$2.4 billion in January 2024. Data reveals a growth of 0.6 percent on a month-on-month basis and an even more noteworthy surge of 26.2 percent year-on-year.
The cumulative inflow of remittances during the first seven months of the Fiscal Year 2024 is a substantial US$15.8 billion. This influx of funds is proving to be a crucial driver of domestic investment and overall prosperity in the country.
During January 2024, major contributors to the remittances inflow included Saudi Arabia, with remittances totalling $587.3 million, followed by the United Arab Emirates, $407.6 million. The United Kingdom and the United States of America also played significant roles, contributing $362.1 million and $283.4 million, respectively.
