State Bank of Pakistan (SBP) has said that the central bank received record remittances during May 2024, reported 24NewsHD TV channel.

According to the central bank data, for the first time in history, during May 2024, Pakistan received $3.2 billion in remittances which was 54 per cent higher compared to May 2023 data.

While compared to April 2024, remittances registered a 15 percent hike in May 2024.

During the overall 11 months of the current fiscal year, remittances registered 8 percent growth and touched $27 billion. Economic experts are of the view that remittances jumped in the country in the wake of Eidul Azha. The experts claim that rise in remittances will stabilize the value of the local currency.