Overseas Pakistanis have set a new record in dollar remittances, sending $8.8 billion in the first quarter of the current fiscal year.
This surge in inflows marks a significant boost for Pakistan's economy, as remittances have surpassed expectations, even exceeding the funds received from the recent IMF deal.
According to monthly and quarterly data released by the State Bank of Pakistan (SBP), overseas Pakistanis sent more dollars than the IMF deal in just three months. Workers' remittances for September 2024 reached an all-time high of $2.85 billion, the largest amount ever received in a single month.
The first quarter of the fiscal year saw a 29% increase in remittances on a monthly basis and a remarkable 49% increase on an annual basis.
Experts believe that this sharp rise in remittances will help Pakistan achieve a current account surplus and contribute to the stability of the Pakistani rupee. The record inflows demonstrate the resilience and dedication of overseas Pakistanis in supporting the nation's economy during challenging times.
