Remittances soar 29% to $2.9b

Pakistan recorded a significant inflow of workers' remittances amounting to $2.9 billion in November 2024. This represents a remarkable year-on-year (YoY) growth of 29.1% compared to November 2023, highlighting a robust increase in the contributions of overseas Pakistani workers. According to the State Bank of Pakistan (SBP), cumulatively, workers' remittances for the first five months of the fiscal year (July–November FY25) reached $14.8 billion, reflecting a growth of 33.6% compared to $11.1 billion during the same period of FY24. This notable rise underscores the increasing reliance on remittances as a crucial component of Pakistan's foreign exchange earnings. "These sustained remittances are most likely driven by a shift towards official channels," said Waqas Ghani Kukaswadia, JS Global analyst, while talking to The Express Tribune. "The recent trend underscores a newfound confidence in the stability of the Pakistani rupee with a narrowing gap between interbank and open-market exchange rates, thanks to tightened foreign exchange regulations."