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Record $3.1 Billion Remittances in December: PM Shehbaz Praises Overseas Pakistanis
Overseas Pakistanis sent a record $3.1 billion in December, boosting economic stability. PM Shehbaz Sharif hails their commitment to national development.
ND
by News Desk
2025-01-10
Record $3.1 Billion Remittances in December: PM Shehbaz Praises Overseas Pakistanis

The State Bank of Pakistan (SBP) announced on Friday that remittances from overseas Pakistanis surged to a record $3.1 billion in December, marking a 29.3% increase compared to the same month last year. This inflow represents a 5.6% rise from November 2024.

Fiscal Year Highlights

In its statement, the SBP revealed that remittances for the first half of the fiscal year 2024-25 (July-December) totaled $17.8 billion, a 32.8% jump compared to $13.4 billion during the same period in the previous fiscal year.

December's inflows were primarily sourced from Saudi Arabia ($770.6 million), the UAE ($631.5 million), the UK ($456.9 million), and the US ($284.3 million). Contributions from other regions included:

  • Gulf countries: $310 million
  • European Union: $360.3 million
  • Australia: $68.8 million
  • Malaysia: $15.8 million
  • Norway: $9.6 million

PM Shehbaz Sharif’s Response

Prime Minister Shehbaz Sharif celebrated the achievement, describing the surge as a testament to the dedication of overseas Pakistanis.

“[A] record increase in the foreign remittances reflects the strong commitment of the overseas Pakistanis for playing their role in [the] development of the country,” the prime minister said in a statement.

He further highlighted that the economy had achieved stability and was now on the path to sustainable growth, reiterating the government's commitment to public welfare and national development.

Economic Outlook

State Bank Governor Jameel Ahmed expressed optimism regarding the country's economic trajectory. Speaking earlier, he highlighted the twin benefits of rising remittances and easing inflation, predicting further stability in 2025.

He projected total remittances for FY25 to be around $35 billion, reinforcing the critical role of overseas Pakistanis in the nation’s economy.

Conclusion

The surge in remittances is being hailed as a significant boost for Pakistan’s economy, particularly amid challenging global economic conditions. The government has vowed to sustain this momentum and focus on long-term economic growth.
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remittances

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