Overseas Pakistanis have set a new record by sending home a total of $11.8 billion in the first four months of the current fiscal year, according to data from the State Bank of Pakistan (SBP). This marks a significant 35% year-on-year increase in remittances during this period.
In October, expatriates sent a record $3.05 billion, the highest ever monthly remittance in Pakistan’s history. This was a 7% increase compared to September and 24% higher than the same month last year.
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The SBP’s data reveals that the remittances sent by overseas Pakistanis during this four-month period outpaced the funds received from international financial institutions like the IMF and World Bank.
Country-wise contributions were led by Saudi Arabia, with $770 million sent in October, followed by the UAE at $620 million and the UK at $430 million.
Experts suggest that this surge in remittances will help stabilize Pakistan’s current account, ease pressure on its foreign exchange reserves, and contribute to the stability of the Pakistani rupee amid volatile market conditions.
