Blaze News - Pakistan

Workers' remittances surged to an all-time monthly high of $4.3 billion in May 2026, supported by Eid-related inflows, underscoring the continued and robust contribution of overseas Pakistanis to their homeland economy. The latest data released by the State Bank of Pakistan (SBP) shows that inflows during the month registered double-digit growth. According to the SBP's provisional figures for May 2026, remittances stood at $4.251 billion, marking a 15.4% increase compared with May 2025. On a month-on-month basis, the inflows also posted strong growth. This performance caps a solid run for the fiscal year so far. "This is the highest ever monthly remittance number, led by an increase in migrant workers and Eid-related inflows," noted Nasheed Malik, Growth Securities Head of Research. "Only remittances from the United States have declined by 3% year-on-year in the first 11 months of FY26." Cumulatively, during the first 11 months of FY26 (July-May), wo...

Business community leaders have vehemently condemned the recent hike in electricity rates and issued a stark warning of potential massive industry shutdowns, expressing deep concerns over the detrimental impact on businesses and the economy. Korangi Association of Trade and Industry (KATI), President, Farazur Rehman took a powerful stance against the frequent surge in electricity prices, calling for immediate action to provide cheaper electricity alternatives. The recent overall increase of 34% in the basic tariff, along with the frequent upward adjustments in electricity rates, has triggered a major outcry from various sectors of the economy. Rehman expressed serious reservations about the detrimental consequences of such increases on industries and businesses. He pointed out that the rise in electricity prices would lead to severe repercussions for industrialists, service sectors, and SMEs, as their incomes have not kept pace with the escalating electricity tariff. Many industrialist...