Pakistan Foreign Remittances: Top 10 countries sending most overseas remittances
In August, overseas Pakistani residents sent an excess of 3% more remittances compared to July. According to the State Bank of Pakistan, in August, Pakistani expatriates living abroad sent a total of 2.1 billion dollars to their homeland. Among these remittances, Pakistani residents in Saudi Arabia sent 490 million dollars, while the United Kingdom came in second with 330 million dollars.
The United Arab Emirates contributed 308 million dollars, and other Gulf countries sent 244 million dollars. Pakistan received 260 million dollars from 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 financial year, workers sent a total of 410 million dollars, which was a significant increase from the same period last year when it was just over 500 million dollars.
These remittances play a vital role in Pakistan's economy, providing essential financial support to families and contributing to the country's foreign exchange reserves. The increase in remittances from various countries, especially Saudi Arabia and the Gulf states, reflects the continued dedication of overseas Pakistanis to support their homeland. It also demonstrates their confidence in the economic stability and growth prospects of Pakistan.
The Central Bank's data suggests that despite global economic challenges, the Pakistani diaspora remains a significant source of financial support and investment in the country. This influx of funds can help Pakistan address its economic challenges and pursue development projects that benefit its citizens