Remittances Surge 14% to $10.9 Billion in First Quarter of FY27

KARACHI: Workers’ remittances to Pakistan rose by 14 percent to $10.9 billion during the first quarter of the fiscal year 2027, as reported by the State Bank of Pakistan (SBP) on Friday. This increase reflects a positive trend in financial inflows from overseas workers, crucial for the country’s economy.

The SBP noted that while remittances in September 2026 amounted to $3.6 billion, representing a year-on-year growth of 12.7 percent, there was a slight decline of 1.9 percent compared to August 2026. The UK emerged as the fastest-growing source of remittances, with inflows increasing by 19.4 percent, while Saudi Arabia continued to be the largest contributor, sending $2.686 billion.

This growth in remittances is significant for Pakistan, as it supports the government’s target of achieving $44 billion in remittances for the entire fiscal year. The inflow of foreign currency is vital for stabilizing the economy, especially in light of ongoing inflationary pressures and external debt obligations.

Looking ahead, analysts suggest that maintaining this upward trend in remittances will be essential for the government’s economic strategy. Continued engagement with overseas Pakistani communities and potential policy measures to facilitate remittance transfers could further enhance these inflows.