Pakistan Sees 44% Surge in Remittances for FY 2024-25: SBP Reports
Pakistan has experienced a remarkable 44% increase in remittances during the first two months of the fiscal year 2024-25, according to the State Bank of Pakistan. The total inflow reached $5.94 billion, up from $4.12 billion in the same period last year.
Key Contributors and Growth Rates:
– Saudi Arabia: $713.1 million
– United Arab Emirates: $538.4 million (an 84% increase)
– United Kingdom: $474.8 million (a 44% increase)
– United States: $322.4 million (a 23.5% increase)
The significant rise in remittances from these major contributors reflects a broad-based improvement. This surge is attributed to the government’s crackdown on illegal money transfer methods, such as hundi and dollar smuggling, which has helped stabilize the exchange rate and boost foreign exchange reserves.
Additionally, the Special Investment Facilitation Council (SIFC) has provided support, contributing to this positive trend. Analysts view the increase in remittances as a strong indicator of economic stability, highlighting the critical role these inflows play in bolstering Pakistan’s financial standing.
