Remittances now cover Pakistan's entire external deficit, says analyst

Business Recorder reported on Tuesday that analyst Emre Akcakmak said overseas Pakistanis’ remittances now match the country’s external deficits and amount to around 10% of GDP. He cited a trailing 12-month total of $44 billion and described the diaspora’s role as important to economic stability after Pakistan’s near-default in 2023.

State Bank of Pakistan figures show October inflows at $3.9 billion, up 14% from $3.42 billion a year earlier and 8.5% from September’s $3.6 billion. Remittances for July-October FY27 rose 14% to $14.8 billion from $13 billion in the same period last year. The SBP has lifted its full-year FY27 estimate to $45 billion from $44 billion, citing resilient first-quarter inflows.