$2.4 billion was received in remittances in January

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As reported on Monday, the State Bank of Pakistan (SBP) said that Pakistan received $2.4 billion in remittances from its overseas workers in January, up 0.6% from the previous month. The funds were received by Pakistan from its overseas workers through their banks.

The central bank noted that, in terms of remittances, during January 2024, they increased by 0.6% compared to the same month last year, and by 26.2% compared to the same time last year.

In addition, a statement from the central bank noted that the remittances sent by workers to their families amounted to $15.8 billion during the first seven months of the current fiscal year.

Based on the findings of the SBP, from the $2.4 billion that was sent by Pakistani workers to the United Arab Emirates (UAE), Saudi Arabian workers sent $587.3 million, United Kingdom workers sent $362 million and Americans sent $283.4 million.

A stable currency and signs of economic recovery were among the factors contributing to the growth of remittances from overseas workers in December 2023.

As a result of the month-over-month increase in remittances, the number of remittances is up 5.4%. The amount of remittances that were received in the previous month totaled $2.2 billion.

There was a 9% increase in remittances from Saudi Arabia in December, indicating that the country was the largest source of remittances coming into the country, according to the SBP. A total of $419 million was sent home by Pakistanis working in The United Arab Emirates in December. This represents a 27% increase compared to the $331 million that they sent home in December of last year. In terms of remittances, the UK contributed $368 million, which represents a 15% increase from last year.

Timenews provided that news.

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