Overseas Pakistani Remittances Hit Record $41.6 Billion in FY26
Jul 11, 2026
Overseas Pakistanis sent a record $41.6 billion home in the fiscal year ended June 30, 2026, according to a report published Thursday, July 9, 2026 (18 Tir 1405), up 9 percent from $38.3 billion the prior fiscal year and surpassing Pakistan's total exports. Saudi Arabia remained the top source at $9.78 billion (up 4.7 percent), with the UAE second at $8.8 billion (up 12.5 percent), figures that show the Persian Gulf labor corridor has held up despite the Iran war.
Source
Dawn.com
Related news
US strikes on Iran widen to the northwest; Tabriz hit for the first time as the IRGC reports attacks on Kuwait and Jordan
On the evening of Monday, July 20, 2026, the US strikes on Iran widened to the country's northwest. According to Al Jazeera, citing Iranian media, the ninth consecutive night of attacks brought reported explosions in Sirik, Jask and Chabahar, and for the first time in Tabriz; earlier strikes had focused on the southern coast and the Strait of Hormuz. The US military said the strikes targeted military command centres, air-defence systems, coastal-surveillance sites and missile and drone launch pads, and were aimed at degrading Iran's ability to target vessels in the Strait of Hormuz. In response, the Islamic Revolutionary Guard Corps said it had fired a wave of missiles from Lorestan province at US bases and, according to the force, also carried out missile and drone strikes on targets in Kuwait and Jordan. The spread of the conflict to Kuwait, a Persian Gulf oil producer, adds to concern that the crisis could spill further into the regional energy market.
Al Jazeera · Jul 20, 2026
Ninth Consecutive Night of US Strikes on Iran Hits Persian Gulf Ports; US Military Death Toll Rises to 16
The US military began a wave of strikes against Iran for a ninth consecutive night on Sunday evening, 19 July 2026. US Central Command (CENTCOM) said the strikes would continue to degrade Iran's military ability to threaten vessels transiting the Strait of Hormuz. According to reports, the strikes hit several cities, including Persian Gulf ports and coastal towns such as Bandar Mahshahr, Bandar Imam Khomeini and Bushehr, as well as Jask and Sirik along the Strait of Hormuz and Tabriz in the northwest. The targeting of Persian Gulf oil and petrochemical ports adds a new dimension to earlier threats to strike Iran's energy infrastructure. CENTCOM also said the US military death toll had risen to 16, confirming that two service members were killed on 17 July at the Muwaffaq Salti Air Base in Jordan, with one more missing. The continued and widening strikes keep pressure on oil markets and on Iran's economic backdrop elevated.
CNN · Jul 20, 2026
IMF Cuts 2026 Global Growth Forecast to 3% on the Iran War
In its July update to the World Economic Outlook, the International Monetary Fund cut its 2026 global growth forecast to 3%, down from 3.1% in April and its second reduction this year, citing the energy shock from the US-Iran war. The report says energy prices are now about 25% above pre-war levels; the fund assumes an average oil price of about $89 a barrel for 2026 and that the Strait of Hormuz begins reopening from mid-July. Earlier, the World Bank had cut its own 2026 growth forecast to 2.5%, calling it the worst hit to the global economy since the COVID-19 pandemic. Slower global growth can weigh on Iran's economy through oil demand and trade.
Al Jazeera · Jul 19, 2026
Container Freight Rates Hit Highest Since September 2024; War Surcharges on Persian Gulf Routes
The Hormuz crisis has sent container freight rates surging. Drewry's World Container Index reached $4,639 per 40-foot container on July 9, 2026, the highest since September 2024. On routes linked to the Persian Gulf, war-risk and emergency surcharges alone can add several thousand dollars to the cost of each container. According to reports, Asia-to-North-Europe rates have reached about $5,800 and Asia-to-Mediterranean about $7,200 per 40-foot container, roughly $3,000 more than six weeks earlier. Transpacific rates have also risen to about $7,500 (US West Coast) and more than $9,000 (East Coast).
Lloyd's List · Jul 19, 2026