What happened
Pakistan received a record $41.6 billion in workers’ remittances during the fiscal year ended 30 June 2026, up about 8.6 per cent from $38.3 billion in the previous year, according to data released by the State Bank of Pakistan (SBP) on Thursday 9 July 2026.
Adviser to the Finance Minister Khurram Schehzad described the figure as Pakistan’s “highest-ever annual remittances in history,” calling it evidence of the confidence of overseas Pakistanis and the country’s external sector resilience.
Monthly inflows, however, eased from an earlier peak. Remittances in June 2026 were about $3.47 billion, down roughly 18 per cent from $4.25 billion in May, which had been the highest-ever monthly figure, but still up on the same month a year earlier.
In June, Saudi Arabia was the largest source of remittances at about $829.6 million, followed by the United Arab Emirates at $792.3 million, the United Kingdom at $514.9 million and the United States at $296.8 million. Italy and Oman each contributed more than $100 million, according to the data.
Why it matters
Remittances are a key source of foreign exchange for Pakistan and help support the current account and external buffers at a time of regional uncertainty linked to the conflict in the Gulf.
The 8.6 per cent growth for FY26 was slower than the 26.6 per cent rise recorded in FY25 and the 10.7 per cent increase in FY24, though the total still exceeded the government’s earlier projections. The government had initially projected inflows of about $41 billion before revising the target to $40 billion.
The record inflows came despite concerns that uncertainty in the Gulf region could affect remittance flows. Last week, the SBP discontinued two incentive schemes paid to banks and exchange companies for increasing remittances after the amount came under the International Monetary Fund’s radar, according to the reporting. Banks expressed disappointment, but financial sector experts quoted by the source said the move was unlikely to significantly affect banking-sector profitability.
Sources & reporting notes
This is a summary of published reporting, not independent reporting. Details are as carried by the cited sources, which were reviewed on 2026-07-09.
- Geo News — "Workers' remittances rise 8.6% to $41.6bn in FY26"9 July 2026 · The FY26 total, June monthly figure and SBP data.
- Business Recorder — "Overseas Pakistanis send $41.6bn in FY26 as SBP ends incentive schemes"9 July 2026 · The country breakdown, month-on-month change and the withdrawal of remittance incentive schemes.
