Overseas Pakistanis Set Record with $8.8 Billion in Remittances
First Quarter Surpasses Expectations and Outpaces Recent IMF Funding
Overseas Pakistanis have achieved a new milestone in dollar remittances, transferring $8.8 billion during the first quarter of the current fiscal year.
This increase in remittance inflows represents a significant boost for Pakistan’s economy, surpassing expectations and even exceeding the funds received from the recent IMF agreement.
Data from the State Bank of Pakistan (SBP) indicates that remittances from abroad outpaced the IMF deal’s funding within just three months. Notably, the amount sent in September 2024 reached a record $2.85 billion, marking the highest monthly remittance figure ever recorded.
In the first quarter of the fiscal year, remittances saw a 29% rise month-over-month and an impressive 49% increase year-over-year.
Experts suggest that this substantial growth in remittances could help Pakistan achieve a current account surplus and bolster the stability of the Pakistani rupee. The record inflows reflect the resilience and commitment of overseas Pakistanis to support their country’s economy during difficult times.
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