Islamabad: Pakistan received a record USD 4.3 billion in workers’ remittances in May, marking the highest monthly inflow on record, according to data released by the State Bank of Pakistan (SBP) on Wednesday.
The central bank said remittances rose significantly on both a monthly and yearly basis, increasing by 20.2% compared to April and 15.4% compared to the same month last year.
Remittances remain a key source of foreign exchange for Pakistan, helping support household incomes, finance imports, and strengthen the country’s external accounts at a time when the government continues to focus on economic stability under an International Monetary Fund (IMF) programme.
During the first 11 months of the current fiscal year, total remittances reached USD 38.1 billion, up 9.2% from USD 34.9 billion recorded in the same period last year, the SBP added.
Country-wise data showed that Saudi Arabia remained the largest source of remittances in May, with inflows of USD 1.025 billion. The United Arab Emirates followed with $1.007 billion, while the United Kingdom contributed USD 645.5 million and the United States $349.8 million.
Economists view remittances as a crucial buffer for Pakistan’s economy, as they help ease pressure on the balance of payments and support millions of households dependent on overseas earnings. Officials say the country is on track to record its highest-ever annual remittance inflows if the current trend continues.
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