Overseas Pakistanis set new record in dollar remittances, sending $8.8bn
Wire desk byline Sourced from Xinhua, Dawn, Arab News, Anadolu and Minute Mirror. Translated and abridged by the GSRRA Desk.
Workers’ remittances for Sept reach an all-time high of $2.85bn, the largest ever in a single month
Overseas Pakistanis have set a new record in dollar remittances, sending $8.8 billion in the first quarter of the current fiscal year.
This surge in inflows marks a significant boost for Pakistan’s economy, as remittances have surpassed expectations, even exceeding the funds received from the recent IMF deal.
According to monthly and quarterly data released by the State Bank of Pakistan (SBP), overseas Pakistanis sent more dollars than the IMF deal in just three months. Workers’ remittances for September 2024 reached an all-time high of $2.85 billion, the largest amount ever received in a single month.
The first quarter of the fiscal year saw a 29% increase in remittances monthly and a remarkable 49% increase on an annual basis.
Experts believe that this sharp rise in remittances will help Pakistan achieve a current account surplus and contribute to the stability of the Pakistani rupee. The record inflows demonstrate the resilience and dedication of overseas Pakistanis in supporting the nation’s economy during challenging times.
Reference Link:- https://www.samaa.tv/2087322143-overseas-pakistanis-set-new-record-in-dollar-remittances-sending-8-8bn
Zamir Ahmed Awan is the founder and Chair of the Global Silk Route Research Alliance, a think tank in Islamabad. He studied engineering at Shanghai University in the 1980s, and years later he went back to China as Pakistan's science counsellor in Beijing, from 2010 until 2016, working on science and higher education cooperation between the two countries.…
