KARACHI – April 14, 2025: Pakistan received a record-high $4.1 billion in workers’ remittances during March 2025, according to State Bank of Pakistan (SBP) Governor Jameel Ahmad. The figure marks the highest-ever monthly inflow in the country’s history.
Speaking at the Pakistan Stock Exchange (PSX) on Monday to kick off Financial Literacy Week, Governor Ahmad announced that the central bank has revised its full-year forecast for remittances to $38 billion for FY25, up from the previous estimate of $36 billion.
However, Finance Minister had earlier projected the remittances to reach $35 billion for the ongoing fiscal year, indicating a more conservative outlook.
The SBP chief expressed optimism about the country’s external account position, projecting a substantial current account surplus for FY25. “This is the best performance on the external account during the last two decades,” Ahmad noted.
Ahmad also revised the projection for foreign exchange reserves (held by SBP) to $14 billion by the end of June 2025, up from the earlier estimate of $13 billion. Despite a recent decline of $2 billion in reserves—due to debt repayments bringing them down to $10.6 billion—he anticipates an inflow of $4–5 billion from external sources, including global financial institutions, by the end of the fiscal year.
Overall forex reserves rose by $173 million to reach $15.75 billion, offering further reassurance about the country’s financial position.
The governor dismissed concerns regarding import restrictions and sluggish economic activity, citing improved economic indicators. “Imports have increased to $5.7 billion per month, reflecting growing economic activity,” he stated.
In terms of economic growth, Ahmad projected GDP growth at 3% for FY25. He noted the figure could have reached 4.2% had agricultural output maintained its previous year’s growth of 8%.
On inflation, Ahmad warned that the consumer price index is likely to edge up starting this month, after recording a historic low of 0.7% in March 2025—the lowest in six decades.
