Remittances from overseas Pakistanis reached a record high of $3.05 billion in October 2024, marking a 29% year-on-year increase from the $2.46 billion recorded in the same period last year, according to Topline Securities. This figure represents the highest amount ever received in October.
On a month-on-month basis, remittances rose by 7% compared to $2.86 billion in September 2024. These robust inflows are expected to aid Pakistan in maintaining the stability of the Pakistani Rupee (PKR) and managing the current account deficit, Topline Securities noted.
A detailed breakdown of the remittance sources reveals that the highest inflows came from Saudi Arabia, totaling $787 million. This was followed by the United Arab Emirates (UAE) with $621 million, the United Kingdom (UK) with $429 million, European Union (EU) countries with $359 million, and the United States (US) with $299 million.
The remittances from Saudi Arabia increased by 24% year-on-year, while those from the UAE and the US rose by 31% and 6% year-on-year, respectively. Inflows from EU countries saw a 21% year-on-year increase, and those from the UK grew by 30%.
In the first quarter of the fiscal year 2025 (1QFY25), remittances surged by 35% year-on-year, reaching a total of $11.848 billion. This significant growth in remittances underscores the vital role of overseas Pakistanis in supporting the country’s economy.
