Remittances sent by overseas Pakistanis surged by 54 percent year-on-year (YoY) to $3.2 billion in May 2024, compared to $2.1 billion in the same period last year, according to data released by the State Bank of Pakistan (SBP) on Friday.
This marks the highest-ever inflow of remittances recorded in a single month. On a month-on-month basis, remittances increased by 15 percent from $2.8 billion in April 2024.
The growth in inflows is attributed to the seasonal trend of overseas Pakistanis sending more money home ahead of Eid ul Adha. Many expatriates, especially those living in non-Muslim countries, remit funds to fulfill their religious obligations of sacrifice in Pakistan.
A breakdown of the numbers shows that the highest inflows came from Saudi Arabia, with $819 million, followed by the United Arab Emirates (UAE) at $668 million, the United Kingdom (UK) at $473 million, European Union (EU) countries at $340 million, and the United States (US) at $360 million.
In the first 11 months (July-May) of the fiscal year 2023-24 (11MFY24), remittances totaled $27.1 billion, reflecting a 7.7 percent increase YoY compared to $25.1 billion in the same period last year.
