Remittances sent by Pakistanis working abroad rose 14 percent to $10.9 billion in the first quarter of the fiscal year, according to the State Bank of Pakistan. Saudi Arabia remained the largest source of these funds, contributing significantly to the country’s foreign exchange inflows. The increase comes as Pakistan faces economic pressures and seeks to meet external financing needs.
The July-September period saw remittances reach $10.9 billion, compared to $9.5 billion in the same period the previous year. These funds are crucial for Pakistan’s economy, helping to stabilize the currency and support essential services. The central bank reported the figures on Friday, highlighting the role of overseas Pakistanis in sustaining the nation’s financial stability.
Remittances have long been a key component of Pakistan’s foreign exchange earnings. With many Pakistanis working in the Gulf states, particularly Saudi Arabia, the inflow of money has become a vital source of foreign currency. The recent rise underscores the continued economic ties between Pakistan and its diaspora, especially in Saudi Arabia. This trend is expected to continue as the country works to manage its economic challenges.
