In a significant boost to Pakistan’s economy, remittances soared to a record-breaking $8.8 billion in the first quarter of the current fiscal year.
This surge not only surpassed expectations but also exceeded the funds secured through the recent IMF agreement.
According to data from the State Bank of Pakistan (SBP), overseas Pakistanis sent more money in three months than the entire IMF deal. September 2024 alone saw a historic remittance high of $2.85 billion, the largest amount ever received in a single month.
Remittances for the first quarter showed a 29% month-on-month increase and an impressive 49% rise compared to the same period last year.
Experts believe this sharp increase could help Pakistan achieve a current account surplus and stabilize the Pakistani rupee. These record inflows underscore the resilience and commitment of overseas Pakistanis in supporting their nation’s economy during difficult times.