Overseas Pakistanis send $3.9 billion in October, remittances reach $14.8 billion in four months

Remittances from overseas Pakistanis have provided significant support to the country's economy, with inflows reaching $3.9 billion

ISLAMABAD/KARACHI:  Remittances from overseas Pakistanis have provided significant support to the country’s economy, with inflows reaching $3.9 billion in October 2026, helping the government manage external financial pressures amid rising international oil prices.

According to the latest figures released by the State Bank of Pakistan (SBP) on Tuesday, remittances increased by 13.8 per cent compared with October last year. The October inflows also registered an 8.5 per cent increase compared with September 2026, reflecting continued growth in financial transfers from Pakistanis living abroad.

The latest monthly figures are part of a broader upward trend in overseas remittances. During the first four months of the current fiscal year, from July to October FY27, Pakistan received approximately $14.8 billion from its overseas workforce. This represents a 14 per cent increase compared with the $13 billion recorded during the corresponding period last year.

The consistent growth in remittances has become particularly important as Pakistan faces increasing pressure on its external accounts due to elevated global petroleum prices. With international crude oil prices hovering around $100 per barrel, the country’s import expenditure has come under additional pressure.

Remittances provide foreign exchange support

The substantial inflow of overseas earnings is helping Pakistan meet its foreign currency requirements, particularly for essential imports such as petroleum products. These transfers also contribute to strengthening foreign exchange reserves and reducing the country’s dependence on external borrowing.

The availability of foreign currency through formal remittance channels provides policymakers with additional room to manage the balance of payments and maintain stability in the current account.

Saudi Arabia remains the largest contributor

Country-wise figures for October 2026 show that Saudi Arabia remained the leading source of remittances, contributing $981.6 million, equivalent to approximately 25.2 per cent of the total inflows.

The United Arab Emirates followed with $815.9 million, while Pakistanis residing in the United Kingdom sent $592.2 million during the month.

Remittances from the United States amounted to $328.9 million, further highlighting the importance of overseas Pakistani communities across major international labour markets.

SBP raises annual remittance forecast to $45 billion

In view of the sustained growth, State Bank Governor Jameel Ahmed has reportedly revised the country’s projected remittance inflows for FY27 upward to $45 billion from the earlier estimate of $44 billion.

Meanwhile, Pakistan’s rolling 12-month remittance total, covering November 2025 to October 2026, has already reached $43.39 billion.

Several factors have contributed to the increase, including government measures against illegal hawala and hundi networks, incentives encouraging overseas Pakistanis to use formal banking channels and continued employment opportunities for Pakistani workers, particularly in Gulf countries

Overseas Pakistanis strengthen economic stability

The growing contribution of overseas Pakistanis has reinforced the importance of the country’s international workforce in supporting economic stability.

Apart from providing foreign exchange, remittances serve as an important source of income for millions of Pakistani households, helping families meet their daily expenses, education costs and other financial needs.

At a time when rising oil prices and external financial pressures continue to challenge the economy, the steady flow of overseas earnings is providing Pakistan with an important financial cushion.

The latest figures highlight the vital role played by millions of Pakistanis working abroad in supporting the country’s foreign exchange position and broader economic needs.