Pakistanis sent $2.38 billion remittances in Dec 2023

The State bank of Pakistan (SBP) recorded workers’ remittances sent home by overseas Pakistanis to $2.38 billion in December 2023.

The market experts understand the receipts have increased due to the crackdown against foreign currency smugglers, such as hawala-hundi operators and hoarders, since September 2023.

The State Bank of Pakistan (SBP) reported that remittances rose by 13% compared to $2.10 billion in December 2022. Inflows improved MoM by 5.5% in the month compared to $2.26 billion November 2023.

The foreign currency inflows were recorded to $13.45 billion in first half (Jul-Dec) of the current fiscal year 2023-24. The inflow was $14.42 billion in first half (Jul-Dec) of the previous fiscal year 2022-23, pointing 7% reduction in foreign reserves account.

The SBP recorded $13.45 billion in first half (Jul-Dec) of the fiscal year 2021-21.

Top remittances for Decemeber 2023

Pakistanis from Saudi Arabia dispatched $578 million in December 2023, increased by 9% from $530 million received in December 2022.
Pakistanis from United Arab Emirates dispatched $419 million in December 2023, increased by 27% from $331 million received in December 2022.
Pakistanis from United Kingdom dispatched $368 million in December 2023, increased by 15%  from $321 million received in December 2022.
Pakistanis from United States of America dispatched $264 million in December 2023, increased by 9% from $243 million received in December 2022.
Pakistanis from European Union countries dispatched $285 million in December 2023, increased by 19% from $240 million received in December 2022.
Pakistanis from GCC countries dispatched $255 million in December 2023 , increased by 6% from $240 million received in December 2022.
Pakistanis from other countries dispatched $213 million in December 2023 , increased by 9% from $195 million received in December 2022.