In the first five months of the current fiscal year (July-November), Pakistanis living abroad have sent a record $14.76 billion to their country, surpassing the sum received under the most recent bailout package from the International Monetary Fund (IMF).
The data, which showed a notable increase in remittances, was released by the State Bank of Pakistan (SBP).
Remittances totaled $2.91 billion in November alone, underscoring the significant role played by the Pakistani diaspora. Saudi Arabia’s $730 million in November remittances were the largest, followed by those from the United Arab Emirates ($620 million) and the United Kingdom ($410 million).
The SBP credited the high influx to the steadfast support of Pakistanis living abroad. According to analysts, this significant rise in remittances will boost the Pakistani rupee and create a current account surplus.
