Saudi Riyal Rate Stable at Rs74.52, Boosts Pakistani Economy
The stable Saudi Riyal rate and increasing remittances from Saudi Arabia and Oman are crucial for Pakistan's economic growth, with the country relying heavily on these remittances to support its foreign reserves and financial stability, and the recent trends indicate a positive outlook for the Pakistani economy.
The Saudi Riyal to Pakistani Rupee rate remained stable at Rs74.52 on March 13, 2025, with a selling rate of Rs74.65, as millions of Pakistani expats working in Saudi Arabia continue to send crucial remittances back home, supporting the country's economy.
The partnership between Saudi Arabia and Pakistan is marked by significant financial assistance, with a $3 billion deposit extended to Pakistan for another year. This financial support, combined with the stable currency exchange rate, has a positive impact on Pakistan's foreign reserves and financial stability. The Saudi Riyal is subdivided into 100 halalas and is the official currency of Saudi Arabia, with active currency transactions taking place between the two countries.
In addition to the stable currency rate, the 24-karat gold rates in Saudi Arabia also remained stable at SAR 4,097 per tola on March 13, 2025. The gold rates, along with the currency exchange rates, play a vital role in the economic activities between the two countries. Furthermore, Pakistan receives over $1 billion in remittances annually from Omani workers, mainly employed in construction, oil, and gas sectors, which also contributes to the country's economy.
The recent increase in remittances from Saudi Arabia, with a 2.21% monthly increase and 37.88% yearly increase, has supported Pakistan's foreign reserves and financial stability. The country received $3.1 billion in remittances in February 2025, a 3.8% increase from January, and a 38.6% surge from February 2024, highlighting the importance of these remittances in boosting the Pakistani economy.