SBP governor projects $44bn in remittances next year

KARACHI: State Bank of Pakistan (SBP) Governor Jameel Ahmad said on Friday that Pakistan expects remittances to reach $44 billion in the fiscal year 2027.

The projected figure represents a steady increase from the $41.5 billion recorded during the fiscal year 2026.

Speaking at a function in Karachi, the SBP governor highlighted that the country’s foreign exchange reserves successfully crossed the $18 billion threshold by the close of the outgoing fiscal year, despite external debt repayments exceeding $5 billion in the final quarter.

“We closed the year with foreign exchange reserves at $18.4 billion, aligning exactly with our projections, even after making heavy debt repayments,” Ahmad said.

To encourage further inflows, he said that the central bank is introducing new schemes to simplify the remittance process for the Pakistani diaspora.

Ahmad assured that modifications to the existing framework would eliminate any additional financial burden on remitters, as banks will absorb the associated costs.

The SBP governor expressed optimism regarding the country’s macroeconomic outlook, noting that the substantial external debt servicing undertaken over the past four years, coupled with ongoing economic reforms, is expected to result in an upgrade to Pakistan’s credit rating this year.