Remittances surge to record $3.2bn in May

The country received the highest-ever monthly remittances of $3.24 billion in May, an increase of 54 per cent compared to $2.1bn inflows in the same month last year, sparking optimism for a robust fiscal year.

According to data released by the State Bank on Friday, the May inflows were also 15.3pc higher than April’s $2.8bn.

This rebound is particularly notable following a $4bn shortfall in remittances during the previous fiscal year (FY23). As of the July-May period of the current fiscal year, total remittances have reached $27.09bn, around 8pc higher than a year ago.