Comment by Riaz Haq on April 14, 2025 at 5:37pm

Pakistan's remittances reach all-time high of $4.1b in March 2025 | The Express Tribune

https://tribune.com.pk/story/2539793/pakistans-remittances-reach-al...

Pakistan received a record $4.1 billion in remittances in March 2025, the highest monthly inflow on record, State Bank of Pakistan (SBP) Governor Jameel Ahmad said on Monday.

Addressing an event at the Pakistan Stock Exchange (PSX), Ahmad confirmed that the surge in inflows provided crucial support to the economy, foreign exchange reserves, and liquidity for importers.

This marks the first time that remittances have crossed the $4-billion threshold in a single month. The inflow represents a 37% increase year-on-year compared to $2.95 billion in March 2024. Month-on-month, remittances rose by nearly 30%, up from $3.12 billion in February 2025.

Between July 2024 and March 2025, Pakistan received $28 billion in workers’ remittances, reflecting a 33.2% increase from the $21.04 billion recorded in the same period of the previous fiscal year.

SBP governor projected that foreign exchange reserves would exceed $14 billion by June. He added that while foreign debt obligations for FY25 stand at $26 billion, the government expects $16 billion to be rolled over or refinanced, reducing net repayment pressure to around $10 billion.

The SBP governer further noted early signs of economic recovery, but said overall GDP growth for FY25 was now expected to be around 3%, down from earlier projections of over 4.2%, largely due to a weaker-than-expected agricultural season.

In January, Ahmad had said that Pakistan’s macroeconomic targets were on track, with debt levels and the balance of payments under control.

The central bank attributed the increase to enhanced formal banking channels, seasonal factors such as Ramadan-related giving, and exchange rate stability which encouraged legal transfers.

Remittances continue to play a critical role in supporting Pakistan’s external account, stabilising foreign reserves, and supplementing household incomes.

Remittances from other Gulf and European countries also contributed to the surge, though in smaller volumes.

The record inflow offers some short-term relief for Pakistan’s economy, which continues to face external financing pressures and inflationary challenges. Higher remittances are expected to support foreign exchange reserves, strengthen the rupee, and ease the trade and current account deficits.

The inflows are used by households to cover living expenses, healthcare, education, and housing, while also playing a critical role in mitigating external financing gaps.

The SBP also reported improved performance of digital and formal banking channels, noting that increased awareness campaigns and crackdowns on hawala/hundi networks have also redirected inflows through official routes.
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Arif Habib Limited
@ArifHabibLtd
Remittances surged to an all-time high of USD 28.0 bn in 9MFY25, setting a new record for the nine-month period.

https://x.com/ArifHabibLtd/status/1911674210008641892

Comment by Riaz Haq on May 10, 2025 at 8:42am

Pakistan’s remittances hit record $31.2 billion in current fiscal year, led by Saudi inflows

In April alone, Pakistan received $3.2 billion, showing a 13.1 percent year-on-year increase. The inflows were mainly sourced from Saudi Arabia ($725.4 million), United Arab Emirates ($657.6 million), United Kingdom ($535.3 million) and the United States ($302.4 million).


https://www.arabnews.com/node/2600122/business-economy


KARACHI: Prime Minister Shehbaz Sharif on Friday lauded the contribution of overseas Pakistanis as workers’ remittances surged to a record $31.2 billion during the first ten months of the current fiscal year, with Saudi Arabia emerging as the top source of inflows.

According to data released by the State Bank of Pakistan (SBP), remittances rose by 30.9 percent during July-April FY25 compared to $23.9 billion received in the same period last year.

In April alone, Pakistan received $3.2 billion, showing a 13.1 percent year-on-year increase. The inflows were mainly sourced from Saudi Arabia ($725.4 million), United Arab Emirates ($657.6 million), United Kingdom ($535.3 million) and the United States ($302.4 million).

“Prime Minister Shehbaz Sharif expressed satisfaction over a 31 percent increase in remittances during the first 10 months of fiscal year 2025 compared to the previous year,” a statement issued by his office said.

“Remittances reaching a record level is a reflection of the confidence of overseas Pakistanis in government policies,” it quoted him as saying.

Remittances form a vital pillar of Pakistan’s external sector, helping stabilize the current account, fueling domestic consumption and easing the country’s reliance on external borrowing.

Earlier this year, in March, the SBP recorded an all-time monthly high of $4.1 billion in remittance inflows, driven by seasonal factors and improved formal channel usage.

Pakistan has focused on boosting exports and remittances in recent years as part of broader efforts to strengthen its external sector and address economic vulnerabilities.

The central bank has also revised its FY25 remittance projection upward from $36 billion to $38 billion, citing current trends.

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