ISLAMABAD: Pakistan recorded a 17 percent surge in foreign remittances received during the month of March with Saudi Arabia once again listed as the largest source of remittances for the South Asian country.
Adviser to the Finance Minister Khurram Schehzad said that Pakistan recorded $3.8 billion in remittances during March, which is 17 percent higher than the remittances received in February.
The official said that foreign remittances, after the end of the current financial year, were expected to cross $41 billion compared to the $38 billion received during FY25.
“Overseas Pakistanis continue to fuel economic momentum,” Schehzad wrote on social media platform X.
However, Pakistan’s central bank said the $3.8 billion remittances reflected a decline of 5.5 percent on a year-on-year basis.
As per the State Bank of Pakistan’s (SBP) report, Saudi Arabia was the top source of foreign remittances, $918.4 million, followed by the UAE with $828.67 million.
Pakistan received $587 million in remittances from the UK while the rest of the Gulf Cooperation Council (GCC) countries contributed with $366.66 million.
Remittances are key for cash-strapped Pakistan as they increase foreign reserves, cushion the country’s current account and stabilize the national currency.
Millions of Pakistanis working abroad in Gulf countries, Europe and the US send money home to support their families.
In recent years, Islamabad has sought to capitalize on this trend by encouraging the use of formal remittance channels and cracking down on illegal money transfer systems such as hawala and hundi.
