Pakistanis in EU boost foreign exchange by 19% in December

ISLAMABAD, Jan 12: Pakistanis working in European Union (EU) countries have contributed significantly to the country's economy, with remittances witnessing a remarkable 19% annual increase in December, according to a report released by the State Bank.

In December 2023, remittances from Pakistanis in EU countries totaled $285 million, marking a substantial rise from the $240 million recorded in December 2022. The report highlights a 6% monthly growth in remittances from the EU, comparing December to November. November's remittance volume stood at $269 million, showing a commendable increase to $285 million in December.

For the first six months of the current fiscal year, the cumulative remittance volume from EU countries reached $1.695 billion, marking an 8% increase compared to the same period in the previous fiscal year, where remittances amounted to $1.616 billion.

This surge in remittances indicates the resilience and consistent support from Pakistanis working in the European Union, contributing significantly to the country's foreign exchange reserves.