Remittances Hit All-Time High of $3.7 Billion in May, Boosting Pakistan’s Economic Outlook
Pakistan received a record-breaking $3.7 billion in remittances from overseas workers in May, offering a significant boost to the country’s economic stability. According to the State Bank of Pakistan, this figure marks a 16% increase compared to April’s inflows.
A breakdown of the data shows that Pakistani workers in Saudi Arabia sent $913.9 million in May alone, while $754.2 million came from the United Arab Emirates (UAE).
Over the first 11 months of the current fiscal year, total remittances reached $34.89 billion — a 28.8% rise compared to the same period last year. Saudi Arabia remained the top contributor with $8.52 billion, followed by the UAE with $7.11 billion.
Other major sources included the United Kingdom, which contributed $5.36 billion, the United States with $3.43 billion, and the European Union, from which $4.1 billion were received.
The State Bank emphasized that remittances play a vital role in supporting the Pakistani rupee and sustaining household incomes. Overseas Pakistanis have long supported their families back home, and this financial lifeline remains essential for the country’s economy.
