Remittances soar to 3-month high

The inflows of workers’ remittances sent home by overseas Pakistanis reached a three-month high at $2.39 billion in January 2024, instilling confidence in the domestic economy following the disbursement of the second loan tranche of $700 million from the International Monetary Fund (IMF) during the same month.

According to the State Bank of Pakistan (SBP), remittances surged by 26% to $2.39 billion in January compared to $1.90 billion in the corresponding month of the previous year. This marked a nearly 1% increase from the $2.38 billion received in December 2023.

However, cumulatively in the first seven months (Jul-Jan) of the current fiscal year 2023-24, remittances remained 3% lower at $15.83 billion compared to $16.32 billion in the same period of the previous year.