State Bank of Pakistan (SBP) Governor Jameel Ahmad announced on Monday that Pakistan has received a historic $28.07 billion in remittances from overseas Pakistanis during the ongoing fiscal year, marking a 33% increase compared to the same period last year.
Speaking at a ceremony at the Pakistan Stock Exchange (PSX), Governor Ahmad highlighted that February 2025 saw a 40% year-on-year increase in remittances, reaching $3.12 billion, while March set an all-time monthly record with $4.1 billion.
According to SBP figures, the top contributors in March were:
- Saudi Arabia: $987 million
- United Arab Emirates: $842 million
- United Kingdom: $684 million
- United States: $419 million
Governor Ahmad credited this surge to renewed trust in the country’s financial systems and noted that the government was working closely with the corporate sector to narrow the financial gap and push for long-term economic stability.
He pointed to the remarkable decline in inflation—from a peak of 38% in May 2023 to just 0.7% last month—as a clear sign of improving economic conditions. Additionally, foreign exchange reserves have risen above $14 billion, and the rupee has strengthened, reflecting overall economic recovery.
Although the agriculture sector underperformed this year, the economy has shown resilience. The GDP growth is now projected to range between 2.5% and 3%, compared to an earlier expectation of 4.2%.
Governor Ahmad emphasized the importance of continued collaboration with the private sector and the Pakistan Stock Exchange in driving sustainable economic development.
PM Shehbaz Applauds Overseas Pakistanis
Prime Minister Shehbaz Sharif welcomed the record-breaking remittance figures, calling it a sign of overseas Pakistanis’ strong trust in the government’s economic policies. He expressed his gratitude to expatriates for contributing $4.1 billion in March alone, noting a 37.4% increase compared to March of the previous year.
Calling overseas Pakistanis a “valuable asset,” the prime minister praised their hard work and dedication, reaffirming the government’s commitment to supporting them and ensuring they are provided with all necessary facilities.
