{"id":38928,"date":"2024-06-07T23:47:56","date_gmt":"2024-06-07T18:47:56","guid":{"rendered":"https:\/\/dailyausaf.com\/en\/?p=38928"},"modified":"2024-06-07T23:47:56","modified_gmt":"2024-06-07T18:47:56","slug":"pakistan-achieves-record-3-24-billion-in-remittances-in-may-54-yearly-increase","status":"publish","type":"post","link":"https:\/\/dailyausaf.com\/en\/business\/pakistan-achieves-record-3-24-billion-in-remittances-in-may-54-yearly-increase\/","title":{"rendered":"Pakistan achieves record $3.24 billion in remittances in May, 54% yearly increase"},"content":{"rendered":"

Islamabad: The State Bank of Pakistan<\/a> (SBP) reported on Friday that overseas workers\u2019 remittances increased by a significant 54.2 percent year-on-year (YoY) in May, reaching $3.24 billion compared to $2.1 billion in the same month last year.<\/p>\n

As per the details, remittances by overseas Pakistanis hit a record high of $3.243 billion in May 2024, up from $2.103 billion in May 2023, according to data released by the SBP. representing a 54.2 percent year-over-year increase from a billion dollars. The main reason for this increase is the arrival of Eid ul Azha<\/a> and a strong rupee.<\/p>\n

Compared to April 2024, inflows increased by 15.3% to $2.813 billion. In the first 11 months of FY24, remittances totaled $27.093 billion, up 7.7 percent from $25.146 billion during the same period last fiscal year.<\/p>\n

Mohammad Sohail, CEO of Topline Securities, attributed the increase to the arrival of Eid and currency stability. “We believe year-on-year growth in remittances will remain strong in the coming months, driven by currency stabilisation and expectations of a new International Monetary Fund<\/a> (IMF) programme,” he added.<\/p>\n

Saudi Arabia sent $819.3 million in May 2024, up 15 percent month-on-month and up 56.4 percent year-on-year.<\/p>\n

Inflows from the United Arab Emirates (UAE) rose to $668.5 million in May from $542.5 million in April, a significant month-on-month increase. Year-on-year, remittances from the UAE almost doubled, rising 99.1% from $335.8 million in May 2023.<\/p>\n

Remittances from the United Kingdom (UK) were $473.2 million in May, up 54.4 percent from $306.4 million in May 2023.<\/p>\n

From the European Union (EU), remittances rose 36.4 percent year-on-year to $340 million in May 2024, up 14.1 percent month-on-month.<\/p>\n

In the United States, overseas Pakistanis sent $359.5 million in May 2024, reflecting a 39.7 percent year-over-year increase and a 9 percent increase over the previous month.<\/p>\n

Home remittances play an important role in supporting Pakistan’s external account, stimulating economic activity, and increasing the disposable income of households that are dependent on these funds.<\/p>\n","protected":false},"excerpt":{"rendered":"

Islamabad: The State Bank of Pakistan (SBP) reported on Friday that overseas workers\u2019 remittances increased by a significant 54.2 percent year-on-year (YoY) in May, reaching $3.24 billion compared to $2.1 billion in the same month last year. As per the details, remittances by overseas Pakistanis hit a record high of $3.243 billion in May 2024, […]<\/p>\n","protected":false},"author":8,"featured_media":13251,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,2],"tags":[572,599,1117,18279],"class_list":["post-38928","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-pakistan","tag-sbp","tag-state-bank-of-pakistan","tag-united-arab-emirates","tag-pakistans-foreign-remittances"],"_links":{"self":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/38928","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/comments?post=38928"}],"version-history":[{"count":0,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/38928\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media\/13251"}],"wp:attachment":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media?parent=38928"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/categories?post=38928"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/tags?post=38928"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}