Overseas Pakistanis send home $14.8bn in four months

Dubai: Overseas Pakistanis sent home $14.8 billion during the first four months of the current financial year, marking a 14 per cent increase over the same period last year, with workers in the UAE and Saudi Arabia continuing to play a major role in supporting Pakistan’s economy.

Despite ongoing tensions and conflict in the Gulf region, remittances from Pakistani expatriates have remained strong, providing a vital source of foreign exchange and helping the country strengthen its external financial position.

According to data released by the State Bank of Pakistan (SBP) on Tuesday, remittances reached $3.9 billion in October 2026, an increase of 13.8 per cent compared with the same month last year and 8.5 per cent higher than September.

Total inflows during July-October of the 2026-27 financial year rose to $14.8 billion, compared with $13 billion during the corresponding period last year.

Remittances from UAE

The UAE remained Pakistan’s second-largest source of remittances, with Pakistani residents transferring $3.051 billion during the first four months of FY27, an increase of 13.5 per cent year-on-year.

In October alone, Pakistanis living in the UAE sent home $815.9 million, highlighting the country’s continued importance as a major employment destination for Pakistani expatriates.

Although remittances from the UAE continued to grow, the pace was slightly slower than the 15.2 per cent increase recorded during the corresponding period last year.

Saudi Arabia retained its position as the largest source of remittances, contributing $3.668 billion during July-October, an increase of 16.5 per cent.

In October alone, Pakistani workers in Saudi Arabia remitted $981.6 million.

Together, the UAE and Saudi Arabia accounted for approximately $6.72 billion, or more than 45 per cent of Pakistan’s total remittance inflows during the four-month period, Dawn news reported.

UK records strongest growth

The United Kingdom recorded the fastest growth among major remittance sources, with inflows increasing by 19.2 per cent to $2.226 billion.

This compared with growth of 5.4 per cent during the corresponding period last year.

Other major contributors included European Union countries, which sent $1.866 billion, followed by other Gulf Cooperation Council countries at $1.374 billion and the United States at $1.259 billion.

During October, remittances from the UK stood at $592.2 million, while EU countries contributed $461 million and the US $328.9 million.

Pakistan targets $45 billion

The sustained increase has strengthened expectations that Pakistan could achieve its annual remittance target of $45 billion for FY27.

SBP Governor Jameel Ahmad recently announced the target following record inflows exceeding $41 billion during the previous financial year.

Remittances have emerged as one of Pakistan’s most important sources of foreign exchange, helping support household incomes, finance imports and ease pressure on the country’s external accounts.

The latest figures are particularly significant amid concerns that prolonged regional tensions could affect employment opportunities and earnings of millions of Pakistani workers in Gulf countries.

However, remittance flows have so far demonstrated resilience despite the uncertain regional environment.

The increase also comes as more Pakistanis seek employment opportunities overseas, including in the Gulf, Europe and other international markets.

Over the past three years, millions of Pakistanis, including skilled professionals, have travelled abroad in search of better employment prospects.

While overseas employment has helped boost foreign exchange earnings, the continued departure of qualified professionals has also raised concerns about the availability of skilled workers within Pakistan.

With $14.8 billion received in just four months, Pakistan would need another $30.2 billion during the remaining eight months of FY27 to achieve the central bank’s $45 billion target.