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

Workers’ remittances were recorded at $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 $1,025 million, followed by $1,006.6m 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.