Workers’ remittances for 2024 rose by 10%, reaching $6.57 billion compared to the previous year, driven by a strong inflow of $614 million in December 2024.
The December figure marked the highest monthly inflow since March 2021, which recorded $612 million, and was significantly higher than November 2024’s $530 million and December 2023’s $569.7 million. However, it fell short of the December 2020 record of $813 million and January 2021’s peak of $675.3 million.
The growth in 2024 followed a 57% surge in workers’ remittances in 2023, which brought in $6 billion, recovering from a 31% decline in 2022 to $3.78 billion—the lowest in 12 years.
The highest-ever annual remittances were recorded in 2016 at $7.24 billion. Between 2014 and 2018, the annual average was $7 billion, with monthly inflows averaging $600 million, highlighting the significant role of remittances in the nation’s economy.