Overseas Pakistanis sent a record $3.7 billion in remittances in May, as a result of which the prospects for economic stability in the country have started to become evident.
According to the State Bank of Pakistan, worker remittances were 16% higher compared to April. The State Bank reported that in May, Pakistanis residing in Saudi Arabia sent a record $913.9 million, while $754.2 million came from the United Arab Emirates.
Worker remittances during the 11 months of the current fiscal year totaled $34.89 billion, which is 28.8% higher compared to the same period of the previous fiscal year. $8.52 billion were received from Saudi Arabia in 11 months, and $7.11 billion were sent from the UAE between July and May.
From the UK, $5.36 billion were sent in 11 months, $3.43 billion from the US, and $4.1 billion from the European Union during the same period.
It is worth noting that remittances from overseas Pakistanis help stabilize the value of the rupee. For a long time, Pakistanis living abroad have been sending money to their relatives residing in the homeland, and this practice continues to this day.
