KARACHI: Workers’ remittances increased by 13.8 per cent year-on-year in October, taking cumulative growth to 14pc in the first four months of FY27 and putting inflows on track to meet the State Bank’s annual target of $45 billion.
According to the State Bank of Pakistan (SBP) data released on Tuesday, the country received $3.9 billion from overseas Pakistanis in October, up 13.8pc from a year ago and 8.5pc from September.
Cumulatively, inflows rose to $14.8bn during July-October FY27, compared with $13bn in the corresponding period lastyear.
SBP Governor Jameel Ahmad recently set the remittance target at $45bn for FY27 after sustained inflows exceeded $41bn in FY26, making inflows from overseas Pakistanis the most important source of foreign exchange.
The continued growth is particularly significant given concerns that the prolonged conflict in the Gulf region could disrupt employment and earnings of millions of Pakistani workers. Despite the regional tensions, remittance inflows have remained resilient.
The increase also reflects the growing number of Pakistanis seeking employment abroad. Millions of work-ers, including highly skilled professionals, have left the country over the past three years. The government has also pursued a policy of exporting manpower to generate foreign exchange, although the departure of skilled workers has raised concerns about the domestic workforce.
Saudi Arabia remained the largest source of remittances during JulyOctober FY27, with inflows reaching $3.668bn, an increase of 16.5pc against 7.7pc in the same period last year.
The United Kingdom recorded the highest growth among major remittance destinations. Inflows rose 19.2pc to $2.226bn, compared with a 5.4pc rise the previous year.
Remittances from the United Arab Emirates (UAE), despite exposure to regional conflict, increased by 13.5pc to $3.051bn in 4MFY27. However, the growth rate was lower than the 15.2pc recorded in the corresponding period last year.
Other significant sources included European Union countries, which contributed $1.866bn, followed by the US at $1.259bn and other Gulf Cooperation Council countries at $1.374bn during the July-October period of 2026-27.
In October alone, Saudi Arabia remained the largest contributor, sending $981.6 million. The UAE followed with $815.9m, while inflows from the UK stood at $592.2m, EU countries at $461m and the US at $328.9m.