ISLAMABAD: Overseas Pakistanis remitted a record $3.2 billion in September, as per the latest data from the State Bank of Pakistan (SBP). These inflows have provided a crucial boost to the country’s economy, offering much-needed reinforcement for Pakistan’s foreign exchange reserves amid persistent economic challenges.
During the first quarter of the current fiscal year (July to September), total remittances amounted to $9.5 billion, marking an 8.5% increase compared to the same period last year. This rise underscores the ongoing commitment of overseas Pakistanis to support their families and the overall economy.
The SBP highlighted that remittances in September alone saw an 11% year-on-year growth, reflecting strong contributions from major remittance-sending countries. Leading the way, Pakistanis residing in Saudi Arabia sent $750 million, followed by $680 million from those in the United Arab Emirates (UAE). Contributions from the United Kingdom amounted to $450 million, while $270 million came from Pakistanis in the United States.
Saudi Arabia, the UAE, the UK, and the US remain the dominant sources of remittance inflows, collectively providing a substantial share of Pakistan’s foreign income.
Economists view this consistent growth in remittances as a positive indicator for external account stability. With an 11% year-on-year uptick for September and an 8.5% rise over the quarter, the data highlights the robust financial support extended by overseas Pakistanis despite challenges on the global economic front.
