ISLAMABAD, November 8, 2024 — Overseas Pakistanis have broken previous records by sending a total of $11.8 billion in remittances during the first four months of the current fiscal year, as per the data issued by the State Bank of Pakistan (SBP).
This marks a significant 35% increase in remittances compared to the same period last year.
The month of October saw the highest-ever monthly remittance inflow in Pakistan’s history, with expatriates sending $3.05 billion.
This was a 7% rise from September and 24% higher than October 2023.
Read More: SBP releases workers remittances data for September
Experts say this surge reflects the continued resilience of Pakistanis abroad and their commitment to supporting the country’s economy.
The SBP data shows that the total remittances for the four-month period surpassed financial aid received from international institutions, including the International Monetary Fund (IMF) and the World Bank.
In terms of contributions by country, Saudi Arabia was the top source of remittances in October, with $770 million sent by Pakistanis living there.
The UAE followed with $620 million, while the United Kingdom contributed $430 million.
Also Read More: SBP Grants Licenses to Four Financial Institutions to Boost E-Payments in Pakistan
Economists believe the surge in remittances will have a positive impact on Pakistan’s economy, helping to reduce pressure on the country’s current account and contributing to the stability of the Pakistani rupee.
Analysts predict that the upward trend in remittances could continue, further easing the country’s financial challenges amid volatile market conditions.
