Overseas Pakistanis have broken previous records by sending home $11.8 billion in the first four months of the current fiscal year, according to data released by the State Bank of Pakistan.
The inflows represent a major 35% year-on-year growth of four months. The month of October alone saw the highest monthly remittance in Pakistan’s history, with expatriates sending $3.05 billion -- an increase of 7% compared to the previous month and 24% higher than the same month last year.
According to the SBP data of monthly and four-month workers' remittances, the contributions from overseas Pakistanis in just four months surpassed the funds received from international institutions like the IMF and World Bank.
Experts believe that the massive hike in remittances will lead to a current account surplus and a stable rupee.
In terms of country-wise contributions, Pakistanis residing in Saudi Arabia led with $770 million remitted in October, followed by $620 million from the UAE and $430 million from the United Kingdom.
Experts believe this record surge in remittances will continue to positively impact the national economy, easing pressures on the country’s current account and contributing to currency stability amidst volatile market conditions.
