Remittances record inflow of $2.4b in Dec

Workers’ remittances have started increasing after stability in Pakistani currency and crackdown on exchange companies, as remittances recorded an inflow of $2.4 billion during the previous month (December 2023).
In terms of growth, during Dec’23, remittances increased by 5.4 percent on monthly basis and 13.4 percent on yearly basis, according to the latest data of the State Bank of Pakistan. Meanwhile, workers’ remittances inflow of $13.4 billion has been recorded in first six months (July to December) of the current fiscal year (FY24). The inflow was recorded at $2.38 billion for December 2023 after it had dropped to around $2b per month in mid 2023. Most of this increase is coming from Gulf countries, where hundi/hawala is more prevalent. According to SBP, remittances inflows during Dec 23 were mainly sourced from Saudi Arabia ($577.6 million), United Arab Emirates ($419.2 million), United Kingdom ($368.0 million) and United States of America ($263.9 million).
Read more: https://www.nation.com.pk/11-Jan-2024/remittances-record-inflow-of-dollar-2-4b-in-dec