State Bank of Pakistan (SBP) Governor Jameel Ahmad has revised the central bank’s projection for cumulative inflows of workers’ remittances to $42 billion for the ongoing fiscal year 2025-26, anticipating record inflows ahead of the two upcoming Eids scheduled between March and June 2026. Briefing the media at the SBP’s Karachi headquarters on Friday, Ahmad noted that the revised figure surpasses the central bank’s January 2026 projection of $41 billion, reflecting continued strong contributions from overseas Pakistanis to their families back home.
The governor highlighted that historical trends consistently show remittance peaks around Eid months, with March 2025 recording an all-time high of $4.05 billion during Eid-Ul-Fitr. In FY25, workers’ remittances surged 26 percent to reach a record $38.3 billion, compared to $30.3 billion in FY24, indicating sustained growth in foreign inflows.
A significant factor expected to boost remittances further is the near completion of Pakistan’s integration of its digital payment infrastructure with the Arab world’s Buna platform, a cross-border payment system supporting multiple currencies. Ahmad stated that this system would soon be launched, enabling faster and more efficient remittance transfers from Pakistanis residing in the Arab world, which could substantially enhance inflows during the Eid periods.
The governor further mentioned ongoing discussions with Saudi Arabia and the UAE to integrate Pakistan’s digital payment system with the two Gulf Cooperation Council countries. With more than 70 percent of Pakistanis living abroad concentrated in these nations, the integration is expected to facilitate swift and improved remittance flows, which are a critical source of foreign exchange for the country.
In addition to remittances, Ahmad discussed the SBP’s revised projections for exports, noting an improvement compared to earlier expectations. While exports were previously projected to contract by six percent in FY26, the central bank now anticipates better outcomes, particularly for rice exports. The improvement comes in the wake of the recent government package announced by Prime Minister Shehbaz Sharif, which reduced the export refinance scheme from 7.5 percent to 4.5 percent, lowered electricity charges by Rs4.04 per unit, and brought electricity wheeling charges below Rs9 per unit for the industry.
Ahmad specifically highlighted the impact of the package on rice exports, which are now expected to exceed $2 billion in the current fiscal year, compared to the previous projection of around $2 billion. Last year, Pakistan’s rice exports benefited from India’s temporary ban, reaching approximately $3.3-3.4 billion, and while India has returned to the global market, the domestic support measures are anticipated to sustain competitive performance for Pakistani exporters.
The central bank’s focus on digital payment integration and enhanced remittance inflows underscores a strategic approach to leveraging technology to strengthen Pakistan’s foreign exchange reserves. By streamlining cross-border payments and improving the speed of funds transfer from major expatriate hubs, the SBP aims to maintain momentum in foreign inflows while supporting the broader economic recovery.
Governor Ahmad’s remarks reflect a convergence of digital finance initiatives and government-backed export incentives, signaling an optimistic outlook for Pakistan’s balance of payments and external sector stability in FY26. The coordinated approach between financial infrastructure development and targeted industry support is expected to reinforce growth in key foreign exchange-earning sectors, particularly during high-demand periods such as the upcoming Eids.
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