Overseas Pakistanis remitted a record $11.8 billion.

In the first four months of the current fiscal year, overseas Pakistanis sent $11.8 billion home, breaking previous records, according to figures issued by the State Bank of Pakistan.

This four-month increase in inflows is 35% from the same period last year. When compared to the previous month and the same month last year, October’s record monthly remittance of $3.05 billion sent by Pakistanis working abroad was up 7% and 24%, respectively.

Pakistanis working abroad sent more money to their home country in only four months than the rest of the world combined, surpassing even the sums received by the World Bank and the International Monetary Fund, according to statistics compiled by the State Bank of Pakistan (SBP) for the previous month.

The current account surplus and rupee stability, according to experts, will be the results of the huge increase in remittances.

At $770 million in October, Pakistanis living in Saudi Arabia were the top contributors, followed by UAE nationals at $620 million and British citizens at $430 million.

In spite of the uncertain market circumstances, experts predict that the country’s economy will continue to benefit from the record spike in remittances, which will help stabilize the currency and reduce strain on the current account.