Record Remittances Push Pakistan’s Inflows to $7.3 Billion

ISLAMABAD: Pakistan received $7.3 billion in workers’ remittances during the first two months of the current fiscal year, marking a significant increase compared with the same period last year.

According to official figures, remittances received in July and August were around $1 billion higher than the $6.4 billion recorded during the corresponding period of the previous fiscal year.

The monthly economic review described the increase in remittances as an important development for the national economy. Around nine million overseas Pakistanis send more than $40 billion to the country annually, making remittances a major source of foreign exchange.

During July and August, Pakistan received $873 million from Saudi Arabia, $750 million from the United Arab Emirates, $564 million from the United Kingdom and $309 million from the United States.

The rise in remittances is expected to provide additional support to Pakistan’s foreign exchange position and contribute to economic stability.

Record Remittances Push Pakistan’s Inflows to $7.3 Billion in Two Months