The State Bank of Pakistan (SBP) has announced a record-breaking $4.1 billion in workers’ remittances received in March 2025, marking the highest-ever monthly inflow in the country’s history. Speaking at the Pakistan Stock Exchange (PSX) on Monday during the launch of Financial Literacy Week, SBP Governor Jameel Ahmad also revised the full-year FY25 remittance forecast upward from $36 billion to $38 billion, citing stronger-than-expected inflows from overseas Pakistanis.
According to SBP data, the March 2025 remittance figure represents a 37% year-on-year increase compared to $2.95 billion in March 2024, and a 30% monthly rise from $3.12 billion in February 2025. This surge in remittances is being attributed to improving global economic conditions and effective facilitation measures by Pakistan’s financial institutions.
Governor Ahmad expressed confidence that the current account will remain in surplus for the rest of the fiscal year, calling it “the best performance on the external account in the last two decades.” He also revised the central bank’s projection for foreign exchange reserves to $14 billion by the end of June 2025, up from the earlier estimate of $13 billion.
Despite recent $2 billion in debt repayments, which have brought SBP’s reserves down to $10.6 billion, the central bank expects to receive $4–5 billion from external sources, including global financial institutions, by June.
In another notable update, Pakistan’s total foreign exchange reserves rose by $173 million, reaching $15.75 billion. Governor Ahmad also highlighted signs of improving economic activity, with monthly imports rising to $5.7 billion, dispelling concerns over import restrictions or stagnation.
Looking ahead, the SBP expects GDP growth of 3% for FY25, though it could have been as high as 4.2% had agriculture maintained its 8% growth from the previous year. However, the Governor also issued a caution that inflation is likely to rise again starting in April, following a six-decade low of 0.7% in March 2025.
