Pakistan received more than 3 billion dollars in expatriate income in one month

Pakistan’s expatriate income hit a record in May this year. Expatriates sent remittances of $3.243 billion to the country this month, which is 54.2 percent more than a year ago.

In May 2023, the expatriates of the country had sent remittances of 2.103 billion dollars.

Such an increase can be seen in the data released by the Central Bank of Pakistan on Friday (June 7). Mainly due to Eid-ul-Azha and stability of rupee, expatriate income increased.

As of April 2024, the country’s expatriate income was $2.813 billion. Accordingly, monthly income increased by 15.3 percent.

The country received a total of 27.093 billion dollars in remittances in the 11 months of the current financial year, which is 7.7 percent more than the same period of the previous year.

Mohammad Sohail, CEO of Topline Securities, cited Eid and currency stability as the reasons for the increase.

He said remittance growth could remain strong in the coming months due to IMF programs and currency stability.

Most remittances to the country came from Saudi Arabia. In May, Pakistan received 819.3 million dollars of expatriate income from there, which is 15 percent on monthly basis and 56.4 percent on annual basis.

Source: Geo News