RIZWAN BHATTI
KARACHI: Pakistan recorded its highest-ever monthly inflow of home remittances amounting to $4.1 billion in March 2025. The surge was primarily driven by seasonal factors, including Eid preparations and the holy month of Ramadan, as overseas Pakistanis sent increased funds to support their families
Previously, the record for the highest monthly remittance stood at $3.2 billion in May 2024. Over the past five months, monthly remittance inflows consistently exceeded $3 billion, reflecting a strong and steady trend.
However, now breaking all previous records, home remittances surged by 37 percent year-on-year to an all-time high of $4.1 billion in March 2025, compared to $2.9 billion in March 2024. This also represents a 30 percent jump from February 2025, when the country received $3.1 billion.
Cumulatively, overseas Pakistanis sent $28 billion in remittances during the first nine months (July–March) of the current fiscal year (FY25), compared to $21 billion in the same period of FY24, depicting an increase of 33 percent, or $7 billion.
SBP Governor Jameel Ahmad, while attending the gong ceremony at the Pakistan Stock Exchange (PSX) on Monday, also highlighted that workers’ remittances reached an all-time high level of $4.1 billion in March 2025- partly reflecting the result of government and SBP efforts to incentivize the channeling of inflows via formal channels, as well as smooth functioning of domestic FX market.
He said with current growth overall inflows of remittances for FY25 are expected to be around $38 billion from the previous estimates of $36 billion.
The SBP Governor also highlighted that inflation has come down substantially, external current account balance has turned into a surplus, FX buffers have been rebuilt, and public debt indicators have improved considerably during the past couple of years.
Jameel also revised the projection for SBP’s foreign exchange reserves from $13 billion to $14 billion by the end of June 2025 as the country is receiving healthy remittance inflows.
According to State Bank, Saudi Arabia is the largest contributor in remittances with a 24 percent share in the total. Inflows of remittances from Saudi Arabia rose by 35 percent to $6.8 billion in July-March of FY25 up from $5 billion in the same period of last fiscal year. UAE ranked second with $5.7 billion inflows, up by 55.5 percent.
Inflows from the UK and USA surged by 34 percent and 12 percent to reach $4.2 and $2.8 billion respectively in the first nine months of this fiscal year.
