Remittances rise 13.4pc in December

Workers’ remittances in December increased by 13.4 per cent on a year-on-year basis to $2.4 billion, compared to $2.099bn in the same month of the previous fiscal year. However, during the first six months of FY24, remittances fell short of the amount the country received in the same period of the previous year. Moreover, remittances from almost all destinations, except European countries, declined. The State Bank of Pakistan’s latest data issued on Wednesday shows the December remittances were higher by 5.4pc compared to November. The remittances in Nov were $2.258bn. Powered by KM The remittances during the first half of the current fiscal year were still 6.8pc lower than the previous fiscal year. FY23 was a disappointing year for Pakistan as remittances declined by almost $4bn compared to the preceding year. The first half of the current fiscal year has yet to reach the previous year’s discouraging inflows.