The figure represents a 20.2% jump month-on-month and a 15.4% rise year-on-year. Cumulatively, remittances climbed 9.2% to $38.1 billion in the first eleven months of FY26, against $34.9 billion in the same period last year.

“The strong growth was primarily driven by Eid-related seasonal inflows, as remittances typically increase during festive periods,” Topline Securities said in a note, adding that it expected full-year remittances to come in slightly above its $41 billion target.

Waqas Ghani, Head of Research at JS Global, said the monthly average had risen to $3.5 billion in FY26 from $3.2 billion the prior year, a 9% year-on-year improvement.

“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,” he said.

“Regional geopolitical developments appear to have further accelerated remittance flows,” he added.

Finance Minister’s Adviser Khurram Schehzad hailed the figures on X.

“This is a resounding testament to the unwavering confidence of overseas Pakistanis, which is further strengthening the country’s economy and external stability,” he said.

“With the last month of the fiscal year, remittances are all set to surpass $41 billion for the first time in history!” he added.

Breakdown by source

Saudi Arabia remained the top source, with overseas Pakistanis there sending $1.025 billion in May, up 12% year-on-year and 22% month-on-month.

The UAE was close behind at $1.007 billion, a sharp 33% rise year-on-year and 37% month-on-month.

The UK contributed $645 million, up 15% from April’s $564 million. EU countries sent $466 million, an 8% monthly increase, while the US remitted $350 million, up 10% from $317 million in April.