Business
Remittances rise 11.3% YoY to $3.2bn in September | The Express Tribune

Pakistan’s remittance inflows rose by 11.3% year-on-year to reach $3.2 billion in September 2025, according to data compiled by KTrade Research. On a month-on-month basis, inflows recorded a modest 1.46% increase.
The uptick was largely driven by a 2.6% rise in remittances from GCC countries, which bolstered overall inflows during the month. In contrast, remittances from the UK slipped by 1.9% month-on-month, reflecting softer seasonal trends.
The Pakistani rupee appreciated by 0.15% MoM, closing at Rs281.21 per US dollar as of October 8, 2025, despite a 1.43% rise in the US Dollar Index (DXY), according to KTrade.
Analysts attributed the currency’s resilience to strong remittance inflows and tighter administrative measures aimed at narrowing the gap between the interbank and open market exchange rates.
Cumulatively, remittances during 1QFY26 climbed 8.4% YoY, indicating sustained support from overseas Pakistanis amid gradual economic stabilisation.
Read: Remittances slip 2.4% MoM on US, UAE dip
Earlier in August 2025, Pakistan received $3.14 billion in workers’ remittances, which was 2.4% lower than July inflows of $3.21 billion, as remittances from the US, the UAE and South Korea slowed down, though they were partially offset by stronger receipts from Saudi Arabia and EU countries.
Pakistan’s remittances grew 7% year-on-year in August, but inflows from key corridors declined, raising concerns about sustainability despite overall growth, according to the State Bank of Pakistan (SBP). In spite of robust inflows from Saudi Arabia, the UAE and the European Union (EU), remittances from the United States fell 13.7% in August compared to last year, highlighting Pakistan’s reliance on Middle Eastern markets to offset the weakening North American contributions.
Pakistan’s remittance growth remained heavily dependent on the Gulf region, with Saudi Arabia and the UAE alone contributing nearly half of inflows in August, exposing the country to risks of economic and policy shifts in host countries.
While remittances from Europe surged 18%, sharp declines from Malaysia (-19%) and South Korea (-11%) indicate volatile inflows from secondary labour markets.
Cumulatively, with an inflow of $6.4 billion, the remittances increased 7% during the first two months of FY26 compared to $5.9 billion in the same period of last year.
Remittances during August were mainly sourced from Saudi Arabia ($736.7 million), the United Arab Emirates ($642.9 million), the United Kingdom ($463.4 million) and the US ($267.3 million).
Business
Delta says premium travel is set to overtake coach cabin sales next year

A view from the Delta Sky Club at Los Angeles International Airport, Sept. 2, 2022.
AaronP | Bauer-Griffin | GC Images | Getty Images
Delta Air Lines customers are getting used to first class.
Revenue from the pricier, roomier seats toward the front of the plane could eclipse sales from standard coach seats for at least a quarter or two next year, Delta executives said Thursday.
In the last quarter, Delta said ticket revenue from its premium cabin rose 9% from last year to nearly $5.8 billion, while main-cabin ticket revenue fell 4% from a year earlier to just over $6 billion.
CEO Ed Bastian said he’s seen no sign of premium-travel demand slowing down, a trend that helped drive the carrier’s upbeat forecast, released Thursday, for the rest of 2025 and next year.
Airlines from Delta to Frontier have been working to court travelers willing to pay more for seats on board.
During an investor day last year, Delta said that just 43% of its 2024 revenue was coming from main cabin tickets, down from a 60% share from in 2010. Meanwhile, Delta said that close to 60% of revenue last year was generated by premium seats and its lucrative loyalty program.
Delta, the most profitable U.S. airline, has benefited from its customers shelling out more for premium seats. Carriers have raced to add more of those seats to their fleets, some of them so elaborate — with lie-flat beds, ottomans and big entertainment screens — that they have delayed deliveries of new planes as regulators evaluate their design.
Business
Stamp duty: Five ways abolishing the tax could change the housing market

Kevin PeacheyCost of living correspondent

The debate around stamp duty is intensifying. When Kemi Badenoch said a future Conservative government would abolish it on the purchase of main homes, it went down well at the Tory Party conference.
There has also been speculation that the Chancellor, Rachel Reeves, is considering replacing it.
Scrapping stamp duty would be popular among some home buyers, including first-time buyers. There’s been widespread support in the housing sector as well as among some independent economists.
Analysts say there would be some significant consequences of scrapping stamp duty for primary residences, affecting buyers, sellers and the wider UK economy.
1. House prices might rise
Whenever there has been a temporary easing of stamp duty, such as in the immediate aftermath of the Covid lockdowns, house prices have then risen.
It is more difficult to judge whether a permanent abolition would have the same long-term impact on prices as the short-term sweetener of a stamp duty holiday.
However, greater demand is likely to feed through to asking prices.
“If, and this is a big if, it is a simple tax giveaway, the likelihood is that the current stamp duty bill simply passes through into prices,” says Lucian Cook, head of residential research at Savills.
In turn, that could mean first-time buyers paying less in stamp duty, but having to find a bigger deposit.
“Given the way stamp duty works, this would be unevenly distributed across the country,” Mr Cook added.
The most obvious point here is that the government in Westminster can only control stamp duty in England and Northern Ireland. Scotland and Wales have their own land and transaction taxes overseen by the devolved administrations.
2. Tax cut for wealthy
A swathe of first-time buyers do not pay stamp duty. That’s because, in England and Northern Ireland, they are exempt when buying properties of up to £300,000.
“For them, the enormous challenge is raising a deposit,” says Sarah Coles, head of personal finance at investment platform Hargreaves Lansdown.
Data from property portal Rightmove suggests that 40% of homes for sale in England are stamp duty free for first-time buyers.
While the vast majority of movers pay stamp duty, the rate increases at certain price thresholds.
So, the bigger the home, the bigger the benefit, if stamp duty was scrapped.
This will also mean a big regional difference in the impact of such a policy.
At the moment, 76% of properties on sale in the North East of England are free of stamp duty for first-time buyers, according to Rightmove’s figures. In London, it is only 11%.
Richard Donnell, from Zoopla, points out that 60% of all stamp duty is paid in southern England – so the majority of the benefit of abolition would be felt in the south.
3. Easier to find somewhere to move to
One of the great selling points of stamp duty abolition is the extra mobility it should provide for workers, buyers, sellers and downsizers, according to experts.
“Homeownership is the foundation of a fairer and more secure society – but stamp duty has denied that opportunity to too many for too long,” says Paula Higgins, chief executive of the Homeowners Alliance.
“Our research shows over 800,000 homeowners have shelved moving plans in the past two years, and stamp duty is a major barrier.”
The Institute for Fiscal Studies (IFS), an independent economic think tank, describes stamp duty as “one of the most econmically damaging taxes”. In its most recent analysis, it says particular winners will be those who want to move frequently, to more or less expensive homes.
It should, for example, clear an obstacle for older homeowners, who want to sell a family home but are discouraged by stamp duty. If they are more likely to move, then their homes become available to younger families and the whole market becomes more fluid.
However, others suggest the influence of stamp duty could be overblown.
“Take someone downsizing, from a £750,000 property to a £300,000 one. In England and Northern Ireland, they’d pay £5,000 in stamp duty. It’s a fraction of what they’re likely to pay in estate agency fees, and sits along a huge range of costs from conveyancing to removals,” Ms Coles from Hargreaves Lansdown says.
“It begs the question of whether removing the cost of the tax is a gamechanger.”
4. Potential tax rises elsewhere
Stamp duty raises a lot of money for the Treasury, so scrapping it would leave a gap in the public finances.
The IFS said that the direct cost of the Conservative policy might be around £10.5bn to £11bn in 2029-30, although the Tories’ own estimate is about £9bn.

The question for any administration tempted to scrap or reduce stamp duty is how else it finds the money.
The Conservatives say they will make savings elsewhere. They also say the policy will boost growth and the housing sector in general, and therefore bring in more tax receipts.
The other option is to raise other taxes. As some analysts have said, the main consideration is not what is scrapped, but what replaces it.
5. Impact on renters
The idea of scrapping stamp duty for primary residences will benefit homeowners but could end up meaning less choice for renters.
The IFS suggests it could discourage the purchase of rental properties by landlords, as they would still have to pay stamp duty.
The think tank says it would increase the more favourable tax treatment of owner-occupation relative to renting.
Business
Pakistans Economic Crisis Deepens With Sub-3 per cent Growth For 5th Year In Row

New Delhi: With the World Bank forecasting a mere 2.6 per cent GDP growth for Pakistan in 2025-26, the country appears to be stuck in a phase of economic stagnation that has now entered the fifth year of sub-3 per cent growth with mounting unemployment and rising poverty.
Pakistan risks locking itself into a prolonged phase of economic stagnation, warned economist Asad Ali Shah, as the World Bank’s latest update projects growth at just 2.6 per cent for FY25-26 – following a dismal four-year stretch of weak performance, according to an article in Pakistan’s financial daily Business Recorder (brecorder.com).
Expressing his views on the social media platform X, Asad, the former president of the Institute of Chartered Accountants Pakistan (ICAP), said: “The World Bank’s latest Pakistan Development Update has revised down the FY25-26 growth forecast to just 2.6 per cent, compared to the government’s more optimistic projection of around 4 per cent.”
“This comes after three years of dismal performance — (-) 0.2 per cent in FY23, 2.5 per cent in FY24, and 2.7 per cent in FY25 — marking what is arguably the worst four-year stretch in Pakistan’s economic history, defined by sustained low growth, record inflation and interest rates, and a collapse in investment confidence.”
Pakistan’s economy has been further hit by catastrophic floods, weighing on agricultural output, and inflation pressures have resurfaced, the article states. The report further noted that Pakistan’s inflation rate dropped to single digits in FY 2024/25, as price increases for food and energy eased. “However, disruption to food supply chains, due to ongoing catastrophic floods, is expected to push inflation up through 2027,” it projected.
Former Federal Finance Minister Miftah Ismail also echoed similar views, saying that “in terms of growth, these FY22-23 to FY25-26 are the worst four years in Pakistan’s history”. Miftah criticised the government for avoiding key reforms, including privatisation, downsizing ministries, and strengthening local governance, arguing that authorities are instead “purchasing stability through low growth” by keeping interest rates, taxes, and utility tariffs high.
“The result is: increased unemployment, poverty and political alienation.” Meanwhile, Asad maintained that Pakistan’s economy “may have stabilised — but it has not recovered”. The economist pointed out that industrial output remains weak, whereas “agriculture is in deep crisis amid climate shocks and policy distortions, and job creation has stalled”.
“Stability is not success,” he stressed, warning that without credible reforms to restore investor confidence, strengthen governance, and shift resources toward productivity and exports, Pakistan risks institutionalising stagnation as its new normal”.
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