The State Bank of Pakistan on Friday said remittances from overseas Pakistanis recorded inflows of $3.1 billion in December which Prime Minister Shehbaz Sharif hailed as a “record increase”.

A statement issued today said the growth in workers’ remittances was 29.3 per cent compared to the same month last year and a 5.6% increase in comparison to November 2024.

The SBP added that overall remittances rose 32.8% during the first half of the fiscal year 2024-25, with inflows of $17.8 billion from July to December 2024 compared to $13.4 billion in the last fiscal year’s corresponding period.

A separate detailed remittance report said that inflows of $2.91 billion were recorded during November and $2.38 billion in December 2023.

According to the SBP, inflows in December were mainly sourced from Saudi Arabia ($770.6 million), the United Arab Emirates ($631.5 million), the United Kingdom ($456.9 million) and the United States($284.3 million).

Remittances from other Gulf countries during December totalled $310 million, $360.3 million from the European Union, $68.8 million from Australia, $15.8 million from Malaysia and $9.6 million from Norway, the report added.

Prime Minister Shehbaz Sharif congratulated the nation on the “record increase”, saying that the claims of those who had been chanting to halt the country’s economy had proven to be baseless.

“[A] record increase in the foreign remittances reflects the strong commitment of the overseas Pakistanis for playing their role in [the] development of the country,” the prime minister said in a statement.

He added that after achieving economic stability, the country was now on the path of economic growth and the government was determined to ensure national development and public welfare.

State Bank Governor Jameel Ahmed expressed hopes a day ago that an uptick in remittances and a dip in inflation would lend stability to the economy this year.

He estimated remittances to be in the region of $35 billion in FY25.