May sees 'highest-ever monthly inflow' of workers' remittances at $4.3bn
Workers’ remittances were recorded at to $4.3 billion in May, registering growth on both a monthly and annual basis, according to data released by the State Bank of Pakistan (SBP) on Wednesday. Adviser to the Finance Minister Khurram Schehzad also shared the data on X, stating that Pakistan had recorded its “highest-ever monthly remittance inflow in history”. According to the SBP, the inflows increased by 20.2 per cent compared to April and were 15.4pc higher than the amount
Pakistan's State Bank reported a record $4.3 billion in workers' remittances for May, marking the highest monthly inflow in the country's history. This figure represents a significant increase of 20.2% from April and 15.4% compared to May of the previous year. For the fiscal year to date (July-May), total remittances have reached $38.1 billion, an increase of 9.2% over the same period last year. Saudi Arabia and the UAE were the largest sources of these remittances in May. Officials anticipate that total remittances for the current fiscal year will surpass $41 billion for the first time.
This record inflow of remittances is crucial for Pakistan's economy, providing vital foreign exchange that helps stabilize the country's external balance and supports its financial stability.
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