Staff Reporter
ISLAMABAD : Prime Minister Shehbaz Sharif on Friday congratulated the nation on record increase in remittances.
In a statement, he said remittance inflow of $3.1 billion in December 2024 is 5.6 percent higher than that of November 2024.
He pointed out that there was a 29.3 percent increase in remittances from December 2023 to December 2024.
The premier highlighted that record increase in remittances was a testament to the unwavering determination of overseas Pakistani brothers and sisters in contributing to the country’s development.
He said this had completely disproved the claims of those who predicted that the country’s economy would come to a standstill.
PM Shehbaz said Pakistan was now on the path of economic growth after achieving stability. He said the government was committed to national development and public welfare.
Statistics shared by the State Bank of Pakistan (SBP) showed the total remittances in December 2024 recorded at $3.1 billion, compared to $2.4 billion in December 2023.
During the first half of the fiscal year 2024-2025, the total volume of remittances saw a 32.8pc increase, reaching $17.8 billion.
Pakistan received the highest remittance from Saudi Arabia, amounting to $770.6 million, followed by $631.5 million from the United Arab Emirates, $456.9 million from the United Kingdom, and $284.3 million from the United States.
Meanwhile, total liquid foreign reserves of Pakistan stood at $16,377.8 million as of January 3, 2025 while the reserves held by the central bank were recorded as $11,695.2 million.
The central bank reported that foreign exchange reserves held by the central bank “decreased by US$ 15 million to US$ 11,695.2 million” during the week.
Meanwhile, the commercial banks held net foreign reserves of $4,682.6 million during the period under review, the break up shown.
Total liquid foreign reserves held by the country, in the previous week ended on December 27, 2024, were $16,408.7 million.
Among them foreign reserves held by the central bank were recorded as $11,710.5 million while commercial banks held net reserves of $4,698.2 million.
