In a notable boost to Pakistan’s economy, overseas Pakistanis remitted a substantial $3 billion in July, marking a significant 48% increase compared to the same month last year, according to the State Bank of Pakistan (SBP).
Saudi Arabia has emerged as the top contributor, with Pakistanis residing in the Kingdom sending home $760 million. This was followed by remittances from the United Arab Emirates (UAE), which totaled $610 million, and the United Kingdom, which contributed $440 million.
Despite the impressive year-on-year growth, July’s remittance figures represented a slight decline of 5% from June 2024, suggesting a potential seasonal fluctuation.
The inflow of these funds remains crucial for Pakistan’s economy, offering significant support amid ongoing economic challenges. This robust financial assistance from the Pakistani diaspora highlights their continued commitment to supporting their homeland.
In related news, the SBP reported an increase in the country’s foreign exchange reserves, reflecting a positive shift in the financial sector. Total foreign exchange reserves rose by $8 million to reach $14.047 billion. Notably, the SBP’s reserves saw a substantial boost of $511 million, totaling $9.15 billion, while commercial bank deposits increased by $291 million to $5.31 billion.
These developments underscore the important role of remittances in stabilizing Pakistan’s economic landscape and enhancing its financial resilience.
