Remittances jump by 44pc in two months

Overseas Pakistanis sent 44 per cent more remittances in the first two months (July and August) of the current fiscal year (FY25), compared to the same period of the previous fiscal year. In July, remittances went up by 48 per cent year-on-year, setting a trend of higher inflows. The receipts for July were $2.994 billion, but it dipped to $2.942bn in August. According to data issued by the State Bank on Monday, the inflows during July-Aug FY25 rose to $5.936bn, while inflows in the same period of previous fiscal year FY24 was $4.123bn — an increase of $1.813bn, or 44 per cent. The inflows must be a relief for the government at a time when it is struggling to strike a deal with the IMF for $7bn. This inflow would not only improve Pakistan’s image in the eyes of international rating agencies but will also open doors for other sources.