PTI government likely to receive $2 billion more from foreign remittances

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PTI government likely to receive $2 billion more from foreign remittances

ISLAMABAD - Pakistan is likely to receive remittances worth a record $22 billion in the financial year 2018-19.

Experts say the much needed foreign currency sent from more than 8 million overseas Pakistanis are likely to post double-digit growth as compared to $19.62 billion received in 2017-18. The country received remittances worth $19.91billion, an all-time high, in 2015-16.

Khaleej Times in its report said the latest data from the State Bank of Pakistan (central bank) showed remittances rose 13.14 per cent in the first quarter of the fiscal year 2018-19 as overseas workers remitted a record $5.42 billion during July-September 2018 compared to $4.79 billion in the same period last year.

The country is expected to receive $22.19 billion worth of remittances if the similar trend continues in the remaining three quarters, experts said.

OpEd