KATI says rise in remittances highly encouraging sign for economy

KARACHI: President of the Korangi Association of Trade and Industry (KATI) Ikram Rajput has termed the increase in remittances sent by overseas Pakistanis during October as a highly encouraging development for economy.

According to the latest figures, remittances grew by 11.9 percent in October, reaching USD3.4 billion.

Rajput said this growth reflects the confidence and commitment of overseas Pakistanis toward their homeland and shows their crucial role in supporting Pakistan’s economic stability. He stated that while the rise in remittances is a welcome sign, there is also an urgent need for comprehensive measures to attract investment in the industrial sector, which can further strengthen the economy and create employment opportunities.

Citing the State Bank of Pakistan’s report, Rajput highlighted that the highest inflows of remittances were received from Saudi Arabia (USD820.9 million), followed by the United Arab Emirates (USD697.7 million), the United Kingdom (USD487.7 million), and the United States (USD290 million). He noted that these figures once again underline the strong connection overseas Pakistanis maintain with their country of origin.

President KATI further shared that during the first four months of the fiscal year 2025–26 (July to October), Pakistan received USD12.96 billion in total remittances, an increase of 9.3 percent compared with the same period last year.

Rajput emphasised that overseas Pakistanis have become one of the most valuable assets for the nation, as they consistently send more money home than the country earns from its total exports.

He said their contribution not only helps maintain economic stability but also plays a significant role in reducing the trade deficit.

Copyright Business Recorder, 2025