In August, overseas Pakistani residents sent an excess of 3% moreremittances compared to July. According to the State Bank of Pakistan, inAugust, Pakistani expatriates living abroad sent a total of 2.1 billiondollars to their homeland. Among these remittances, Pakistani residents inSaudi Arabia sent 490 million dollars, while the United Kingdom came insecond with 330 million dollars.
The United Arab Emirates contributed 308 million dollars, and other Gulfcountries sent 244 million dollars. Pakistan received 260 million dollarsfrom the United States and 290 million dollars from Europe. Notably,remittances increased from Spain, Italy, and Cyprus as well.
According to the Central Bank, in the first two months of the financialyear, workers sent a total of 410 million dollars, which was a significantincrease from the same period last year when it was just over 500 milliondollars.
These remittances play a vital role in Pakistan’s economy, providingessential financial support to families and contributing to the country’sforeign exchange reserves. The increase in remittances from variouscountries, especially Saudi Arabia and the Gulf states, reflects thecontinued dedication of overseas Pakistanis to support their homeland. Italso demonstrates their confidence in the economic stability and growthprospects of Pakistan.
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The Central Bank’s data suggests that despite global economic challenges,the Pakistani diaspora remains a significant source of financial supportand investment in the country. This influx of funds can help Pakistanaddress its economic challenges and pursue development projects thatbenefit its citizens
