Pakistan received $4.251 billion in workers’ remittances during May 2026, marking the highest monthly inflow on record, according to data released by the State Bank of Pakistan (SBP) on Wednesday.
Remittance inflows recorded strong growth, increasing 20.2% compared to April and 15.4% from the same month last year.
For the first eleven months of FY26 (July-May), total remittances reached $38.1 billion, reflecting a 9.2% increase from $34.9 billion received during the corresponding period of FY25.
“The strong growth was primarily driven by Eid-related seasonal inflows, as remittances typically increase during festive periods,” said Topline Securities in a note.
“We expect remittances in FY26E to clock in slightly above our target of $41 billion,” it added.
According to Waqas Ghani, Head of Research at JS Global, the average monthly remittance inflow during the first eleven months of FY26 rose to $3.5 billion, compared to $3.2 billion in the previous fiscal year, representing a 9% year-on-year increase.
“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.
“Regional geopolitical developments appear to have further accelerated remittance flows,” he added.
Adviser to the Finance Minister Khurram Schehzad highlighted the achievement on X, stating that Pakistan had recorded its “highest-ever monthly remittance inflow in history”.
“This is a resounding testament to the unwavering confidence of overseas Pakistanis, which is further strengthening the country’s economy and external stability.
“With the last month of the fiscal year, remittances are all set to surpass $41 billion for the first time in history!” he added.
Remittances remain a crucial source of support for Pakistan’s external account, contributing to economic activity and providing additional income to households that rely on funds sent from abroad.
The government continues to encourage the use of formal remittance channels through various incentive schemes aimed at sustaining growth and strengthening economic stability.
Country-wise remittance inflows
Pakistanis living in Saudi Arabia remained the largest contributors, sending $1.025 billion in May 2026. This represented a 12% increase from $914 million received in May 2025 and a 22% rise from $842 million in April 2026.
Remittances from the United Arab Emirates totalled $1.007 billion during the month, up 33% year-on-year from $754 million in May 2025 and 37% higher than April’s level.
Inflows from the United Kingdom reached $645 million, rising 15% from $564 million recorded in April.
Meanwhile, overseas Pakistanis in the United States sent $350 million in May, reflecting a 10% increase from $317 million a month earlier.
Remittances from European Union countries amounted to $466 million, posting an 8% month-on-month increase from $432 million in April 2026.
