Karachi, December 9, 2024 – The State Bank of Pakistan (SBP) announced on Monday that home remittances have experienced a robust growth of 34% during the first five months (July–November) of the fiscal year 2024-25. This surge reflects the resilience of overseas Pakistanis in contributing to the national economy.
According to SBP data, workers’ remittances reached $14.77 billion during this period, compared to $11.05 billion in the corresponding months of the previous fiscal year. The rise in remittances underscores the effectiveness of initiatives aimed at facilitating and incentivizing formal remittance channels.
In November 2024 alone, workers’ remittances amounted to $2.92 billion, marking a 29% increase compared to $2.26 billion in November 2023. However, this figure represented a slight 4% decline compared to $3.05 billion recorded in October 2024, attributed to seasonal fluctuations and other market factors.
Regionally, remittance inflows from key countries showed significant improvements. Inflows from the United States totaled $1.50 billion during July–November 2024-25, reflecting a 13.5% increase from $1.31 billion in the same period of the previous fiscal year.
The United Kingdom also emerged as a strong contributor, with remittances rising by 35% to reach $2.18 billion during the five-month period, compared to $1.62 billion last year. Similarly, remittances from Saudi Arabia, a traditionally significant source, surged by an impressive 36.5%, totaling $3.65 billion compared to $2.68 billion in the corresponding period of FY24.
SBP officials attributed this growth to enhanced financial inclusion measures, robust exchange rate management, and digital solutions facilitating easier transfer of funds. Additionally, initiatives such as Roshan Digital Accounts (RDA) have played a pivotal role in attracting remittances through official channels.
Despite the strong performance, experts urge continued focus on sustaining these inflows. Measures to expand remittance channels, ensure competitive exchange rates, and address global economic challenges remain essential.
The surge in remittances serves as a crucial buffer for Pakistan’s balance of payments and supports the country’s foreign exchange reserves, underscoring the vital role of overseas workers in strengthening the national economy.