Remittances sent by overseas Pakistanis rose significantly by 25 percent year-on-year (YoY) to $3 billion in January 2025, compared to $2.4 billion in the same month last year, according to the latest data released by the State Bank of Pakistan (SBP). However, on a month-on-month (MoM) basis, remittances slightly declined 3 percent from the $ 3.08 billion recorded in December 2024.

A detailed breakdown of the inflows shows that Saudi Arabia remained the largest source of remittances, contributing$728 million, followed by the United Arab Emirates (UAE) with $622 million, the United Kingdom (UK) with $444 million, European Union (EU) countries with $354 million, and the United States (US) with $298 million.

Inflows from Saudi Arabia increased by 24 percent YoY, while remittances from the UAE and the UK surged by 53 percent YoY and 22 percent YoY, respectively. Similarly, inflows from EU countries rose by 22 percent YoY, and those from the US grew by 5 percent YoY.

For the first seven months of the fiscal year 2025 (7MFY25), remittances totaled $20.85 billion, reflecting a robust 32 percent YoY growth compared to $15.8 billion during the same period in FY24. The strong growth in remittances highlights the continued support of overseas Pakistanis in bolstering the country’s foreign exchange reserves.