Remittances sent by overseas Pakistanis saw a significant increase of 29% year-on-year (YoY) in December 2024, reaching $3.1 billion compared to $2.4 billion in December 2023, according to the latest data released by the State Bank of Pakistan (SBP). On a month-on-month (MoM) basis, remittances also rose by 6%.

The highest inflows during December 2024 came from Saudi Arabia, which contributed $770.6 million, followed by the United Arab Emirates (UAE) with $631.5 million, the United Kingdom (UK) with $456.9 million, European Union (EU) countries with $360.3 million, and the United States (US) with $284.3 million.

• Saudi Arabia: Inflows increased by 35.9% YoY.
• UAE: Inflows surged by 53.9% YoY.
• UK: Inflows rose by 32.7% YoY.
• EU Countries: Inflows grew by 26% YoY.
• US: Inflows increased by 12.5% YoY.

For the first half of the fiscal year 2025 (1HFY25), remittances totaled $17.8 billion, marking a robust 33% YoY growth compared to the same period last year.

The sharp rise in remittances reflects the continued support of overseas Pakistanis for the country’s economy.