Pakistan Sets Record for Monthly Remittance Inflows in May!

• Remittances from overseas Pakistanis rose by 54% year-on-year to $3.2 billion in May 2024.
• This marks the highest-ever monthly remittance inflow.
• On a month-on-month basis, remittances rose by 15% from $2.8 billion in April 202.

Remittances from overseas Pakistanis rose by 54% year-on-year to $3.2 billion in May 2024, up from $2.1 billion in the same month last year, as reported by the State Bank of Pakistan (SBP) on Friday.

This marks the highest-ever monthly remittance inflow. On a month-on-month basis, remittances rose by 15% from $2.8 billion in April 2024.

The increase in inflows was seasonal, as overseas Pakistanis typically send more money ahead of Eid ul Azha for their relatives. Expatriates, especially those in non-Muslim countries, often fulfill their sacrificial obligations in Pakistan.

The breakdown shows the highest inflows came from Saudi Arabia at $819 million, followed by the UAE at $668 million, the UK at $473 million, EU countries at $340 million, and the US at $360 million.

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In the 11 months from July to May of the fiscal year 2023–24, remittances totaled $27.1 billion, a 7.7% increase compared to $25.1 billion in the same period last year.