Remittances from overseas Pakistanis surged by 38.6% year-on-year in February 2025, reaching $3.12 billion, according to data issued by the State Bank of Pakistan (SBP) on Monday.
In a statement, the central bank said the remitted amount was 3.8% higher than remittance inflows from January 2025. Cumulatively, it said, the first eight months of the ongoing fiscal year saw remittances of $24 billion, a 32.5% increase over inflows of $18.1 billion in the corresponding period of last year.
In the federal budget for FY2024-25, the government had projected total remittances of $35 billion, roughly $5 billion more than the previous year. With remittances inflows having already reached $24 billion with four months of the year still remaining, it is likely the government will surpass this target.
The remittance surge comes as a blow to the Pakistan Tehreek-e-Insaf (PTI), which had announced a “civil disobedience” movement calling for the boycott of remittances through official channels in December 2024. However, despite the passage of two months, the numbers have continued to show strong growth, indicating the opposition party’s failure to convince overseas workers to suspend monies intended for their families in a bid to pressure the government.
According to the central bank’s data, the highest amount of remittance inflows were received from Saudi Arabia ($744.4 million). This was followed by the United Arab Emirates with $652.2 million in remittances; United Kingdom with $501.8 million; and the United States with $309.4 million. Other Gulf Cooperation Council counties—Bahrain, Kuwait, Qatar, Omar—accounted for $306.59 million, while overseas Pakistanis in the European Union remitted $340.32 million.
Hailing the surge in remittances, Finance Minister Muhammad Aurangzeb described the inflows as the “backbone” of the economy. He thanked overseas Pakistanis for their support in helping stabilize the rupee and support the economy. However, independent economists have warned that the country must focus on expanding its exports, as it cannot depend on remittances to sustain foreign exchange reserves.