Overseas Pakistanis delivered major economic relief to the country by sending home more than three installments of the IMF programme in just 30 days, according to fresh remittance data released by the State Bank of Pakistan.
The State Bank of Pakistan reported that overseas Pakistanis sent $3.06 billion to $3.6 billion in December, marking one of the strongest monthly inflows in recent years. The amount is equivalent to more than three tranches of the International Monetary Fund programme.
This surge has been widely described as encouraging news for the national economy at the start of the New Year.
Growth shows sustained momentum
According to official data, remittances increased 13% on a month-on-month basis and 17% year-on-year. The consistent rise reflects stronger confidence among overseas Pakistanis and improved formal banking channels.
Experts believe the upward trend will play a key role in stabilizing foreign exchange reserves.
Saudi Arabia remains top source
Pakistanis working in Saudi Arabia sent home the highest amount, contributing $810 million in December. This marked a 6% increase, keeping the kingdom at the top of the remittance source list.
The inflows from Saudi Arabia continue to form a critical pillar of Pakistan’s foreign exchange earnings.
Pakistanis living in the United Arab Emirates ranked second, sending $726 million during the month. This represented a notable 15% increase, reflecting growing earnings and improved transfer volumes from the UAE.
The steady inflows further underline the UAE’s importance in Pakistan’s remittance landscape.
UK, Gulf countries show sharp increases
Remittances from the United Kingdom reached $560 million, posting a significant 28% increase compared to previous periods. The rise highlights stronger economic activity and remittance confidence among the Pakistani diaspora in the UK.
Meanwhile, Pakistanis from Gulf countries collectively sent home $500 million, recording the highest growth rate of 39%, signaling a sharp surge in dollar inflows from the region.
Positive impact on trade
Economic experts say the surge in remittances will help bring Pakistan’s trade deficit and current account deficit under better control. Higher foreign exchange inflows ease pressure on the rupee and support overall macroeconomic stability.
Officials and analysts alike view the strong remittance performance as a timely boost for the country’s financial outlook.
