Pakistan has received a record-breaking $3.2 billion in remittances from its overseas community during the month of September, according to the latest figures released by the State Bank of Pakistan (SBP).
The strong inflows have provided a much-needed lift to the country’s foreign exchange reserves, offering relief amid ongoing economic pressures and import challenges.
$9.5 Billion in Remittances During First Quarter
From July to September, the first quarter of the current fiscal year, Pakistan received a total of $9.5 billion in remittances — marking an 8.5% increase compared to the same period last year. This steady rise reflects the continued dedication of overseas Pakistanis to support their families and contribute to the nation’s economic stability.
Strong Growth in September
Remittances in September alone grew by 11% year-on-year, indicating robust performance across key remittance corridors. Economists say the surge is a sign of confidence and resilience among expatriate Pakistanis despite global inflationary pressures.
Saudi Arabia and UAE Remain Top Contributors
Saudi Arabia remained the largest source of remittance inflows, with Pakistani workers sending home around $750 million in September. The United Arab Emirates followed with $680 million, while the United Kingdom and the United States contributed $450 million and $270 million, respectively.
Together, these four countries continue to dominate Pakistan’s remittance landscape, accounting for the bulk of the total inflows.
A Lifeline for the Economy
Experts view the consistent growth in remittances as a critical factor in maintaining Pakistan’s external account stability. With double-digit growth in September and strong momentum throughout the quarter, remittance inflows are helping the country cushion the impact of declining exports and rising external debt repayments.
“The steady rise in remittances underscores the deep bond overseas Pakistanis share with their homeland,” said an economic analyst in Karachi. “At a time when the economy is under pressure, these inflows have become a vital source of stability and hope.”
