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Pakistan Breaks Remittance Record with $3.2 Billion in May

In a significant boost to Pakistan’s economy, the country received a record-high amount of $3.2 billion in worker remittances during May, according to an announcement by the central bank. These remittances are a crucial source of revenue for Pakistan, providing billions of dollars each year.

Saudi Arabia emerged as the top contributor to these remittances, highlighting the importance of Pakistanis living overseas in supporting their home country’s economy. The influx of remittances helps stabilize Pakistan’s balance of payments, strengthen its foreign exchange reserves, and support the value of the Pakistani currency.

The official data released by the State Bank of Pakistan revealed that the $3.2 billion in remittances during May represented a 15.3% increase compared to the previous month and an impressive 54.2% increase compared to the same month the previous year. This surge in remittances underscores the dedication and financial support provided by overseas Pakistanis.

The largest contributors to the remittances in May were Saudi Arabia ($819.3 million), the United Arab Emirates ($668.5 million), the United Kingdom ($473.2 million), and the United States of America ($359.5 million), as reported by the State Bank of Pakistan. These countries have significant populations of Pakistani expatriates who actively contribute to their homeland’s economy.

Cumulatively, the total remittance inflow for the first eleven months of the fiscal year reached $27.1 billion, marking an impressive 7.7% increase compared to the same period in the previous year. This remarkable growth in remittances further demonstrates the integral role played by overseas Pakistanis in supporting Pakistan’s external accounts and helping counter the economic crisis the country currently faces.

The economic crisis has impacted Pakistan’s currency and led to a significant decline in foreign exchange reserves. However, the substantial increase in remittance inflows provides much-needed stability and support to the country’s economy.

Karachi-based Topline Securities brokerage firm acknowledged the positive impact of the record-breaking remittance inflows, stating that the $27 billion received in the first eleven months of the fiscal year surpassed their expectations. The firm had projected full-year remittances at $28 billion, making Pakistan’s achievement even more impressive.

With the current fiscal year ending in July, Pakistan had set a worker remittance inflow target of $28.5 billion. The country’s success in exceeding this target highlights the resilience and dedication of overseas Pakistanis and their commitment to supporting their home country.

Source: [english.aaj.tv](https://english.aaj.tv){:target=”_blank” rel=”nofollow”}