KARACHI: Saudi Arabia and the United Arab Emirates (UAE) remained the top two sources of remittances for Pakistan in May 2024, as the country saw the monthly figure reaching over $3.24 billion, representing a 54 per cent increase when compared to the same month last year.
The corresponding numbers for May 2023 were $2,102.70bn, while the latest figures are also an increase over $2,813.3bn in the previous month – April 2024.
Unlike the common perception mainly generated by social media, it is the Pakistani expatriates living in Gulf States, which contribute most to the remittances.
May saw the share from Saudi Arabia reaching $819.3 million and the UAE $668.5 million. They are followed by Oman $100.8m, Qatar 89.4m, Kuwait $80.5m and Bahrain $48.3m.
It means the GCC (Gulf Cooperation Council) countries’ share stands at $1,806.9bn out of $3.24bn – well over half of the grand total.
On the other hand, the United Kingdom and the United States occupied the third and fourth slots with $473.2m and $359.5m respectively.
Meanwhile, the expatriates from the European Union (EU) countries sent $340m back home, placing it on the fifth position.
Australia – another developed nation where a sizeable population of Pakistani resides – is ranked 10th, according to the data released by the State Bank of Pakistan (SBP).
Pakistan had recorded a total of $27.093bn in remittances during the first 11 months of the current fiscal year 2023-24, which translates into a 7.7pc increase against the same period of 2022-23. The highest ever yearly figures for the country were $31.278bn in 2021-22.
