Remittances from UAE<\/p>\n
The UAE remained Pakistan\u2019s second-largest source of remittances, with Pakistani residents transferring $3.051 billion during the first four months of FY27, an increase of 13.5 per cent year-on-year.<\/p>\n
In October alone, Pakistanis living in the UAE sent home $815.9 million, highlighting the country\u2019s continued importance as a major employment destination for Pakistani expatriates.<\/p>\n
Although remittances from the UAE continued to grow, the pace was slightly slower than the 15.2 per cent increase recorded during the corresponding period last year.<\/p>\n
Saudi Arabia retained its position as the largest source of remittances, contributing $3.668 billion during July-October, an increase of 16.5 per cent.<\/p>\n
In October alone, Pakistani workers in Saudi Arabia remitted $981.6 million.<\/p>\n
Together, the UAE and Saudi Arabia accounted for approximately $6.72 billion, or more than 45 per cent of Pakistan\u2019s total remittance inflows during the four-month period, Dawn news reported.<\/p>\n
UK records strongest growth<\/p>\n
The United Kingdom recorded the fastest growth among major remittance sources, with inflows increasing by 19.2 per cent to $2.226 billion.<\/p>\n
This compared with growth of 5.4 per cent during the corresponding period last year.<\/p>\n
Other major contributors included European Union countries, which sent $1.866 billion, followed by other Gulf Cooperation Council countries at $1.374 billion and the United States at $1.259 billion.<\/p>\n
During October, remittances from the UK stood at $592.2 million, while EU countries contributed $461 million and the US $328.9 million.<\/p>\n
Pakistan targets $45 billion<\/p>\n
The sustained increase has strengthened expectations that Pakistan could achieve its annual remittance target of $45 billion for FY27.<\/p>\n
SBP Governor Jameel Ahmad recently announced the target following record inflows exceeding $41 billion during the previous financial year.<\/p>\n
Remittances have emerged as one of Pakistan\u2019s most important sources of foreign exchange, helping support household incomes, finance imports and ease pressure on the country\u2019s external accounts.<\/p>\n
The latest figures are particularly significant amid concerns that prolonged regional tensions could affect employment opportunities and earnings of millions of Pakistani workers in Gulf countries.<\/p>\n
However, remittance flows have so far demonstrated resilience despite the uncertain regional environment.<\/p>\n
The increase also comes as more Pakistanis seek employment opportunities overseas, including in the Gulf, Europe and other international markets.<\/p>\n
Over the past three years, millions of Pakistanis, including skilled professionals, have travelled abroad in search of better employment prospects.<\/p>\n
While overseas employment has helped boost foreign exchange earnings, the continued departure of qualified professionals has also raised concerns about the availability of skilled workers within Pakistan.<\/p>\n
With $14.8 billion received in just four months, Pakistan would need another $30.2 billion during the remaining eight months of FY27 to achieve the central bank\u2019s $45 billion target.<\/p>\n","protected":false},"excerpt":{"rendered":"Remittances from UAE The UAE remained Pakistan\u2019s second-largest source of remittances, with Pakistani residents transferring $3.051 billion during…\n","protected":false},"author":2,"featured_media":681723,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[72,113,61,60,16382],"class_list":["post-681722","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-ie","tag-ireland","tag-uae-remittance"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/681722","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=681722"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/681722\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/681723"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=681722"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=681722"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=681722"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}