KARACHI: Money sent home by Pakistanis working abroad reached $3.9 billion in October, a 13.8% jump from the $3.42 billion recorded in the same month last year, according to figures released Tuesday by the State Bank of Pakistan.
The monthly total also climbed 8.5% from September’s $3.6 billion.
Cumulative remittances for July through October — the first four months of fiscal year 2027 — stood at $14.8 billion, a 14% increase over the $13 billion received in the same period a year earlier.
Such inflows are a critical lifeline for Pakistan’s economy, shoring up the external account, fueling consumer spending and sustaining millions of households that depend on money from relatives overseas.
The central bank has grown more optimistic about the outlook. Last month it raised its forecasts for remittances and foreign exchange reserves, pointing to stronger-than-expected inflows.
“Workers’ remittances are expected to increase further, with Pakistan’s inflows projected at $45 billion in the current fiscal year, up from the previous estimate of $44 billion,” SBP Governor Jameel Ahmed told reporters at a monetary policy briefing, noting that remittances had held up well through the first quarter.
Saudi Arabia was the biggest source of funds in October, with $982 million arriving from the kingdom — 17% more than the $838 million sent a year earlier and 9% above September’s $899 million.
The United Arab Emirates followed with $816 million, up 16% year-on-year from $703 million and 9% higher month-on-month. Britain contributed $592 million, a 19% annual increase from $499 million.
Remittances from the United States totaled $329 million, up 9% from $301 million a year earlier and 8% from August’s $306 million. European Union countries sent $461 million, a 3% rise from September’s $448 million.
