In May 2024, remittances sent by overseas Pakistanis surged by 54 percent year-on-year, reaching $3.2 billion compared to $2.1 billion in the corresponding period of the previous year, according to data released by the State Bank of Pakistan (SBP).
This marks the highest monthly remittance inflow ever recorded. On a month-on-month basis, remittances saw a 15 percent increase compared to April 2024, totaling $2.8 billion. The rise in inflows is attributed to seasonal factors, as overseas Pakistanis tend to send more money ahead of Eid ul Azha to fulfill their religious obligations of sacrifice in Pakistan.
A breakdown of the figures reveals that the largest inflows originated from Saudi Arabia, amounting to $819 million, followed by the United Arab Emirates (UAE) with $668 million, the United Kingdom (UK) with $473 million, European Union (EU) countries with $340 million, and the United States (US) with $360 million.
For the 11 months (July-May) of fiscal year 2023-24 (11MFY24), remittances totaled $27.1 billion, marking a 7.7 percent year-on-year increase compared to $25.1 billion in the same period of the previous year.
