Karachi, July 9, 2025 – Pakistan has achieved a major milestone by receiving an all-time high of $38.3 billion in remittances during the fiscal year 2024–25, according to data released by the State Bank of Pakistan (SBP) on Wednesday.
This marks a significant 26.6% increase compared to the $30.3 billion recorded in the previous fiscal year.
This historic surge in remittances has been hailed by economists and financial experts as a critical achievement for Pakistan’s economy. Analysts attribute the remarkable rise to improved regulatory frameworks, enhanced anti-money laundering measures, and the continued migration of Pakistani workers abroad. These factors have channeled more foreign income through official banking channels, helping the country boost its foreign exchange reserves.
Experts emphasize that remittances are a lifeline for Pakistan’s external account and are crucial in bridging the current account gap. In addition to supporting macroeconomic stability, these funds stimulate domestic economic activity and provide essential financial support to millions of remittance-dependent households across the country.
Mohammed Sohail, CEO of Topline Securities, praised the development on the social media platform X. “In a year marked by economic challenges, overseas workers stepped up. Pakistan received a record $38.3 billion in remittances in FY25 — up 27%,” he wrote. He also noted similar trends in neighboring Bangladesh, highlighting the importance of remittances in strengthening South Asian economies.
The government had previously revised its remittance forecast for the fiscal year. In April 2025, SBP Governor Jameel Ahmad updated the full-year projection from $36 billion to $38 billion, which the country successfully surpassed.
In June 2025 alone, Pakistan received $3.4 billion in remittances, showing a year-on-year increase of 7.9% from $3.16 billion in June 2024. However, on a monthly basis, this figure was down 8% from May’s inflows of $3.69 billion.
Saudi Arabia remained the top source, contributing $823 million in June. The UAE followed with $717 million, up 10% year-on-year. Remittances from the UK totaled $538 million, while the US contributed $281 million.
With this record-breaking performance, Pakistan has reaffirmed the pivotal role of overseas remittances in sustaining its economy and mitigating external vulnerabilities.