ISLAMABAD: Pakistan recorded its highest-ever inflow of overseas workers’ remittances, totaling $38.3 billion during the fiscal year 2024-25, according to data released by the State Bank of Pakistan (SBP) on Wednesday. This figure marks a significant 27% increase year-on-year from the $30.25 billion received in FY24.
The surge in remittances highlights the growing contribution of Pakistanis working abroad, particularly amid ongoing economic challenges at home. Remittances have become a vital source of foreign exchange, helping to support Pakistan’s external account and boost household incomes dependent on money sent from overseas.
Samiullah Tariq, Head of Research at Pak Kuwait Investment Company, described the inflow as “the highest-ever remittances received during a fiscal year.” He attributed this milestone to stringent regulatory enforcement, effective anti-money laundering measures, and the continued migration of Pakistani workers overseas.
Pakistan’s “brain drain” trend continued in 2024, with 727,381 workers leaving the country for employment abroad, underscoring the growing reliance on overseas labor markets.
Mohammed Sohail, CEO of Topline Securities, praised the remittance performance amid economic headwinds. Sharing comparative data on social media platform X, he noted, “Pakistan received a record $38.3 billion in remittances in FY25 — up 27%. Bangladesh also saw record inflows of $30 billion, up 26%. A big source of support for both economies, helping bridge external gaps and boosting household incomes.”
The FY25 remittance figure also exceeded government forecasts. In April, SBP Governor Jameel Ahmad revised the annual remittance projection upward to $38 billion from an earlier estimate of $36 billion.
June 2025 Remittance Inflows
In June 2025 alone, remittances stood at $3.4 billion, up 7.9% year-on-year from $3.16 billion in June 2024. However, compared to May 2025’s $3.69 billion, remittances dropped by 8% month-on-month.
Among countries contributing remittances in June, Saudi Arabia remained the top source, with overseas Pakistanis sending $823 million. This amount represented a 10% monthly decline but was 2% higher than June 2024’s $809 million.
Remittances from the United Arab Emirates (UAE) increased by 10% year-on-year to $717 million in June 2025. The United Kingdom contributed $538 million in June, down 9% from May but up 10% compared to June 2024. Meanwhile, Pakistanis in the United States sent $281 million in June, marking an 11% decrease from the previous month.
Remittances continue to play a critical role in Pakistan’s economy, helping to bridge external financing gaps, support consumption, and contribute to macroeconomic stability.
