Abb Takk News

Remittances Increase to Near $2.5b in May

Islamabad : Remittances from overseas workers increased 34% year-on-year, amounting to $2.49 billion in May 2021, said the State Bank of Pakistan (SBP) on Thursday.

The country’s central bank added that the dip usually experienced post-Eid holidays was also smaller this year. Pakistan received remittances amounting to $1.87 billion during May 2020.

Overall, remittances from overseas workers stood at $26.7 billion during 11 months of the ongoing fiscal year, up 29.4% from a year ago and higher than the entire FY2020 level by $3.6 billion.