Overseas Pakistanis remitted record $28.07bn in current fiscal, says SBP governor
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Remittances from overseas Pakistani were up by nearly 40% year-on-year in February 2025 to $3.12bn
KARACHI (Dunya News) – State Bank of Pakistan (SBP) Governor Jameel Ahmad said on Monday that the country received a record $28.07 billion from overseas Pakistanis during the current financial year.
Addressing a ceremony at the Pakistan Stock Exchange (PSX) here, he said the total remittances in the first nine months of the financial year 2024-25 were 33 percent higher compared to the same period a year ago.
The governor said remittances from overseas Pakistani were up by nearly 40 percent year-on-year in February 2025, to $3.12 billion. The country received a record $4.1 billion during March, he added.
According to SBP data, Pakistanis living in Saudi Arabia remitted the highest $987 million during March, followed by $842 million from the UAE, $684 million from the UK and $419 million from the US.
Governor Ahmad stated that the government had been striving for economic stability of the country and contacted the corporate sector to reduce the financial gap.
He said whenever he talked about the economy, he kept in mind the state of the country in 2022.
The governor said the CPI index last month showed that inflation fell to a historic low of 0.7 percent from a peak of 38 percent in May 2023.
Governor Ahmad mentioned two issues that have been plaguing the national economy: inflation, and foreign loan. He noted that foreign exchange reserves have soared above $14 billion. The currency exchange rate has improved. Inflation has come down as per the expectations of the Monetary Policy Committee.
He noted that the country’s economic activity has “revived”. If the agriculture sector matched last year’s performance, the GDP growth would reach 4.2 percent. But, due to a lower-than-expected agricultural season, the GDP growth is projected in the range between 2.5 percent and 3 percent.
He stressed the need for working together with the corporate sector and mentioned that they are also working on the economic development side in collaboration with the stock exchange.
PM SHEHBAZ PLEASED
Meanwhile, Prime Minister Shehbaz Sharif expressed his pleasure as foreign remittances sent by overseas Pakistanis in a month crossed the $4 billion mark for the first time in the country’s history, terming it a reflection of their trust in the government’s policies.
The prime minister, in a statement, also thanked the Pakistani expatriates for sending a record $4.1 billion during March this year, taking the current fiscal year’s foreign remittance volume to $28 billion.
He said that a surge of 37.4% in foreign remittances was recorded compared to March last year.
Calling them a valuable asset, Prime Minister Shehbaz said that overseas Pakistanis working tirelessly abroad not only made the nation proud but also strengthened the national economy through remittances.
He said that the nation was proud of hardworking overseas Pakistanis and the incumbent government was fully committed to providing them with all necessary facilities.
