Staff Report
ISLAMABAD:The Chairman of National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum, the President of All Karachi Industrial Alliance, the Chairman of the FPCCI Advisory Board, and the President and former provincial minister, Mian Zahid Hussain, said on Saturday that despite intense economic pressure and global uncertainty, remittances from overseas Pakistanis continue to rise to act as a stabilizing force for the national economy.
He stated that the record increase in remittances is proof that the state is capable of timely and effective economic management. These inflows have played a decisive role in stabilizing the economy and closing the massive trade deficit of $28 billion.
Mian Zahid Hussain highlighted that Pakistan received $3.7 billion in remittances in May 2025, reflecting a 16 percent monthly increase and a 14 percent rise compared to May last year. This marks the second-highest monthly inflow in the country’s history, surpassed only by the $4.1 billion recorded in March 2025.
Speaking to the business community, the veteran business leader noted that, aside from seasonal spikes during Ramadan and Eid, the stable currency exchange rate and stringent actions against the informal hawala-hundi system have led to a greater reliance on formal remittance channels. This shift has improved both the transparency and volume of remittance inflows.
From July 2024 to May 2025, total remittances reached $34.9 billion, 29 percent higher than the $27.1 billion received during the same period in the previous fiscal year. As of April 2025, remittances had reached $31.2 billion, representing a year-on-year increase of 30.9%. In light of this sustained growth, the State Bank of Pakistan has revised its full-year remittance projection from $36 billion to $38 billion.
He observed that the latest Economic Survey acknowledges that remittances have played a pivotal role in improving external accounts and turning the current account into a surplus. During the period from July to April, a current account surplus of $1.9 billion was recorded, compared to a deficit of $1.3 billion in the same period last year, representing a significant turnaround.
Mian Zahid Hussain further said that these inflows have contributed to an increase in national income, improved per capita earnings, and offered some relief to households burdened by rising living costs.
