In a major relief for Pakistan’s economy, overseas Pakistanis have sent record remittances of $13 billion in the first four months of the current fiscal year, according to the State Bank of Pakistan (SBP).
The inflows represent a 12% increase compared to the same period last year when Pakistanis abroad sent $11.9 billion. The increase amounts to an additional $1.1 billion, highlighting the critical role of remittances in stabilizing the economy.
Economists have noted that in just four months, overseas Pakistanis sent home twice the amount of foreign currency that Pakistan received under the IMF loan program, making them once again the custodians of the national economy.
October remittances hit $3.4bn
According to the SBP report, October alone saw remittances of $3.4 billion, the highest in recent months. The month-on-month figures showed a 12% annual increase, reflecting a strong and consistent inflow trend.
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The central bank said that remittances from key host countries — particularly those in the Gulf region, the United Kingdom, and the United States — continued to support Pakistan’s foreign exchange reserves and currency stability.
Saudi Arabia, UAE lead remittance inflows
Pakistanis working in Saudi Arabia topped the list of contributors, sending home $820 million in October. They were followed by workers from the United Arab Emirates (UAE), who remitted $700 million.
Meanwhile, Pakistanis in other Gulf countries collectively sent $340 million, while those based in the United Kingdom contributed $490 million and the United States sent $290 million during the same month.
