Pakistan receives record $3.24bn remittances in May

Islamabad: The remittances sent by overseas Pakistanis recorded an inflow of $3.2 billion in May 2024, showing a 54.2 per cent surge on a year-on-year (YoY) basis when compared to $2.103bn in the corresponding month last year, the State Bank of Pakistan on Friday said.

In terms of growth, the remittances increased by 15.3pc on a month-on-month basis and 54.2pc on a year-on-year basis.

Workers’ remittances inflow of $27.1bn has been recorded during the first 11 months of the fiscal year 2023-24, showing an increase of 7.7pc if compared with the corresponding period of last year.

Inflows during May were mainly sourced from Saudi Arabia ($819.3 million), the United Arab Emirates ($668.5m), the United Kingdom ($473.2m) and the United States ($359.5m).