May sees 'highest-ever monthly inflow' of remittances at $4.3bn

Dawn Business

May sees 'highest-ever monthly inflow' of remittances at $4.3bn

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 received in May last year. “Cumulatively, remittances reached $38.1bn during July-May FY26, up 9.2pc from $34.9bn recorded in the corresponding period of the previous fiscal year,” the SBP said. It elaborated that remittances from Saudi Arabia remained the highest in May at $1.025bn, followed by $1.006.6 million from the United Arab Emirates (UAE). Remittances from the United Kingdom stood at $645.5m and those from the US at $349.8m, the central bank said. Schehzad said in his post that “with one month remaining in FY26, remittances are on track to exceed well beyond $41bn for the first time ever”. However, Currency experts believe remittance growth this year is weaker than in FY25. They cite concerns over a “managed” exchange rate, suggesting some inflows may be diverted away from official banking channels. Pakistan is among the top countries receiving large foreign exchange inflows through remittances. While a growing number of jobseekers leaving the country is termed by some economists as brain drain, the government considers it beneficial for the external balance.

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