Pakistan acquired over US$28 billion in remittances in the first 11 months of the current fiscal year, up 6.3% from last year. May inflows, however, were much lower than April and even lower than May 2021 remittances.
Pakistanis from abroad remitted US$2.332 million in May, compared with a monthly record of US$3.125 billion in the previous month.
May 2021 inflow was $2.506 million. The State Bank of Pakistan (SBP) reported Friday that remittances in July-May FY22 were US$28.4 billion compared to US$26.7bn in the same period last year.
In terms of growth, remittances fell 25.4% mom and 6.9% year-on-year in May, mainly reflecting the usual seasonal decline following Eid and the associated long public holiday, the central bank noted.