Overseas Pakistanis sent home a record $3.2 billion in remittances during the month of September, according to data released by the State Bank of Pakistan (SBP).
The inflows mark a significant boost for the country’s economy, providing much-needed support to Pakistan’s foreign exchange reserves amid ongoing economic challenges.
$9.5bn received in first quarter
The State Bank of Pakistan reported that in the first quarter of the current fiscal year, spanning July to September, remittances totaled $9.5 billion. This represents an 8.5% year-on-year increase, reflecting the continued commitment of overseas Pakistanis to support their families back home.
According to the SBP, remittances in September alone grew 11% compared to the same month last year, highlighting strong performance across all major sending countries.
Saudi Arabia and UAE lead in remittances
Pakistanis living in Saudi Arabia contributed the largest share, sending home $750 million in September. The United Arab Emirates (UAE) ranked second, with $680 million in remittances.
From the United Kingdom, remittances reached $450 million, while Pakistanis in the United States sent $270 million during the same period.
These four countries — Saudi Arabia, UAE, the UK, and the US — continue to be the primary sources of remittance inflows, together accounting for a major portion of Pakistan’s foreign income.
Year-on-year growth indicates economic resilience
Economists view the steady increase in remittance inflows as a positive sign for Pakistan’s external account stability. With a growth rate of 11% year-on-year in September and 8.5% in the quarter, the data signals consistent financial support from Pakistanis abroad, even amid global economic uncertainty.
