Remittances from Pakistan increase by 33.6% to $14.8 billion.

According to new data issued by the State Bank of Pakistan (SBP) on Monday, the remittances made by employees climbed by 33.6 percent in the first five months of the current fiscal year as compared to the same period the previous year.

In comparison to the $11.1 billion in remittances received in July-November 2023-24, the total amount of remittances received during July-November 2024-25 was $14.8 billion.

Workers’ remittances had an inflow of US$ 2.9 billion in November 2024, a 29.1% rise over the same month the previous year.

Inflows of remittances in November 2024 were primarily from the United States to America ($288.2 million), Saudi Arabia ($729.2 million), United Arab Emirates ($619.4 million), and the United Kingdom ($409.9 million).

On December 6, the foreign exchange reserves of the State Bank of Pakistan (SBP) increased by an estimated $620 million.

“As of November 29, 2024, the SBP reserves surpassed $12 billion, while the total foreign reserves of Pakistan surged to US$16.62 billion, supported by a recent Asian Development Bank (ADB) loan transfer,” the State Bank of Pakistan stated in a statement.

The central bank’s overall liquid foreign exchange reserves rose by $620 million to $12,038.3 million following the formal inflow of $500 million from ADB, according to the SBP.

The SBP has been granted a policy-based loan of $500 million by the Asian Development Bank (ADB) to assist disaster risk reduction and resilience in Pakistan under the Climate Change and Disaster Resilience Enhancement Program (CDREP).