Karachi: The State Bank of Pakistan (SBP) has declared the remittances of overseas Pakistanis during the current fiscal year as a historic record. According to the SBP, remittances increased by about 29 percent during July-May, resulting in a total of $34.89 billion being sent to Pakistan.
In the month of May alone, workers’ remittances were $3.7 billion, which is 16 percent more than in April. A major part of this significant increase was made up of funds coming from Saudi Arabia and the United Arab Emirates.
Saudi Arabia sent $913.9 million (913.9 million) to Pakistan during May, which is a new record. Similarly, $754.2 million (754.2 million) was transferred to Pakistan from the UAE in the same month.
According to the State Bank, in the first 11 months of the current fiscal year:
$8.52 billion from Saudi Arabia
$7.11 billion from the UAE
$5.36 billion from the UK
$3.43 billion from the US
$4.1 billion from the European Union
were sent to Pakistan, which is a positive indicator for the country’s economy.
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