Overview
- State Bank of Pakistan data released Thursday show workers’ remittances reached a record $41.6 billion in FY2025–26, up about 8.6% from the previous year.
- Monthly inflows eased to roughly $3.47–$3.5 billion in June 2026, down about 18% from a May peak but roughly 2% higher than June last year, with Saudi Arabia, the UAE, the UK and the US the top senders.
- The SBP has discontinued government-funded schemes including the Telegraphic Transfer Charges Incentive Scheme and the Sohni Dharti Remittance Programme, effective July 1, saying reforms rather than subsidies drove the rise in formal flows.
- Officials credit structural steps—consolidating exchange companies from 166 to about 18, tighter enforcement against hundi/hawala and fintech adoption—for boosting formal remittances, and the SBP projects roughly $44 billion for FY2026–27 while reporting higher central-bank reserves.
- Economists warn heavy reliance on remittances leaves Pakistan exposed unless inflows are steered into export industries, job creation and migrant welfare and training so money supports long-term growth rather than mainly household consumption.