The State Bank of Pakistan (SBP) released figures on Friday that indicated that remittances sent home by Pakistanis living abroad hit an all-time high of $3.243 billion in May 2024, representing a 54.2% year-over-year rise from the $2.103 billion recorded in May 2023.
April 2024 saw a 15.3% increase in inflows, reaching $2.813 billion on a monthly basis. Over the first eleven months of FY24, remittances came in at $27.093 billion, a 7.7% increase over the $25.146 billion received during the same time in FY23.
This spike was ascribed to currency stability and Eid inflows by Mohammed Sohail, CEO of Topline Securities.
In anticipation of currency stability and driven by expectations of the new International Monetary Fund (IMF) program, he continued, “we believe year-over-year growth in remittances will remain stronger in coming months.”
Leading the inflows was Saudi Arabia, which sent $819.3 million in May 2024—a 15% month-over-month rise and a 56.4% annual gain.
The United Arab Emirates (UAE) increased its inflows by a monthly amount, from $542.5 million in April to $668.5 million in May. Remittances from the United Arab Emirates nearly doubled in value annually, rising 99.1% from $335.8 million in May 2023.
The United Kingdom (UK) had a 54.4% rise in remittances to $473.2 million in May compared to $306.4 million in the same month the previous year.
Remittances from the European Union (EU) increased 14.1% each month, or 36.4% YoY, to $340 million in May 2024.
Pakistanis living abroad remitted $359.5 million to the US in May 2024, up 39.7% year over year and 9% over the previous month.
In order to support Pakistan’s external account, boost economic growth, and raise the disposable incomes of the people that depend on these remittances, home remittances are essential.
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