Pakistan received $3.21 billion in remittances during July, maintaining the monthly inflow above the $3 billion mark. This marks a strong start to the new fiscal year, according to official data.
Although the remittances remained steady, there was a 7 percent decline compared to July of last year. Additionally, the inflow dropped by $190 million compared to June.
The largest amount of remittances came from Saudi Arabia, contributing $820 million. The United Arab Emirates followed with $665 million. The United Kingdom sent $450 million, while the United States contributed $270 million.
Remittances continue to play a vital role in Pakistan’s economy. The funds sent by overseas Pakistanis help support families and provide essential foreign exchange. This inflow is crucial amid the country’s ongoing economic challenges.
Experts say remittances remain one of the most reliable sources of foreign currency for Pakistan. The government encourages overseas Pakistanis to use official channels to transfer money.
Despite the slight year-on-year decline, the steady remittance flow highlights the resilience and commitment of Pakistanis living abroad. Their financial support remains important for economic stability.
The government is also working on measures to make sending remittances easier and more secure. This aims to further boost remittance inflows in the coming months.
Overall, remittances maintain their role as a backbone for Pakistan’s economy, helping to balance payments and support domestic spending. The July figures show a positive trend despite global economic pressures.
With continuous support from overseas Pakistanis, the country hopes to sustain and increase remittance inflows in the future. This remains critical for long-term economic growth and development.
In other relates news also read For Home Remittances, Scheme Introduced For Overseas Pakistanis
