State Bank of Pakistan (SBP) Governor Jameel Ahmad announced on Friday that remittances to Pakistan are expected to rise to $44 billion in the fiscal year 2027. This forecast marks a steady growth from the $41.5 billion received during the fiscal year 2026.
Addressing an event in Karachi, Ahmad emphasized that Pakistan’s foreign exchange reserves successfully surpassed the $18 billion mark by the end of the outgoing fiscal year. This achievement came despite the country making external debt repayments exceeding $5 billion in the last quarter.
“We concluded the year with foreign exchange reserves standing at $18.4 billion, precisely in line with our projections, even after significant debt repayments,” he stated.
To boost remittance inflows further, the central bank is set to introduce new initiatives aimed at simplifying the remittance process for overseas Pakistanis. Ahmad assured that adjustments to the current system would not impose any extra financial burden on remitters, as banks will cover the related costs.
In a significant development, the SBP governor expressed confidence in Pakistan’s macroeconomic prospects. He noted that the substantial external debt servicing carried out over the past four years, combined with ongoing economic reforms, is likely to lead to an upgrade in the country’s credit rating within the year.
