Pakistan receives record $4.25bn in remittances in May

Pakistan received a record $4. 251 billion in workers’ remittances in May 2026, State Bank of Pakistan data showed on Wednesday, the highest monthly inflow in the country’s history. The figure represents a 20. 2% jump month-on-month and a 15. 4% rise year-on-year. Cumulatively, remittances climbed 9. 2% to $38. 1 billion in the first eleven months of FY26, against $34. 9 billion in the same period last year. “The strong growth was primarily driven by Eid-related seasonal inflows, as remittances typically increase during festive periods, ” Topline Securities said in a note, adding that it expected full-year remittances to come in slightly above its $41 billion target. Waqas Ghani, Head of Research at JS Global, said the monthly average had risen to $3. 5 billion in FY26 from $3. 2 billion the prior year, a 9% year-on-year improvement. “This improvement continues to reflect structural factors like higher emigration volumes, sustained shift from hawala to formal banking channels, and relatively stable FX spreads in the interbank market, ” he said. “Regional geopolitical developments appear to have further accelerated remittance flows, ” he added. Finance Minister’s Adviser Khurram Schehzad hailed the figures on X. “This is a resounding testament to the unwavering confidence of overseas Pakistanis, which is further strengthening the country’s economy and external stability, ” he said. “With the last month of the fiscal year, remittances are all set to surpass $41 billion for the first time in history! ” he added. Breakdown by source Saudi Arabia remained the top source, with overseas Pakistanis there sending $1. 025 billion in May, up 12% year-on-year and 22% month-on-month. The UAE was close behind at $1. 007 billion, a sharp 33% rise year-on-year and 37% month-on-month. The UK contributed $645 million, up 15% from April’s $564 million. EU countries sent $466 million, an 8% monthly increase, while the US remitted $350 million, up 10% from $317 million in April.

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