In the first quarter of the current fiscal year, overseas Pakistanis sent $8.8 billion, setting a new record for dollar remittances.
Remittances have exceeded estimates and have even exceeded the monies received from the recent IMF accord, thus this rise in inflows represents a huge boost to Pakistan’s economy.
The State Bank of Pakistan (SBP) revealed monthly and quarterly data showing that in just three months, foreign Pakistanis sent more funds than the IMF arrangement. September 2024 saw an all-time high of $2.85 billion in worker remittances, the most ever received in a single month.
Remittances increased by 29% on a monthly basis and a noteworthy 49% on an annual basis during the first quarter of the fiscal year.
