Overseas Pakistani remittances register significant growth under PTI government, top 10 sending countries

Overseas Pakistani remittances register significant growth under PTI government, top 10 sending countries
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ISLAMABAD: Overseas Pakistani workers’ remittances increased by 12.22 percent during first seven months of fiscal year 2018-19 as compared to same period of last year.

The remittances during the period under review stood at US$12,774.02 million against the average inflow of $11,383.47 million during July-January (2017-18), according to a report issued by State Bank of Pakistan (SBP) on Monday.

During January 2019, the inflow of workers’ remittances amounted to $1743.25 million against $1,638.72 million during same month of previous year showing an increase of 6.4 percent while on month-on-month basis the remittances witnessed a slight decline of 0.3 percent compared to remittances recorded during December 2018.

The country wise details for the month of January 2019 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and European Union countries amounted to $403.92 million, $352.12 million, $272.32 million, $295.13 million, $166.50 million and $42.89 million respectively compared with the inflow of $383.91 million, $351.58 million, $223.94 million, $235.10 million, $186.33 million, and $56.4 million respectively in January 2018.

Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan, and other countries during January 2019 amounted to $210.36 million together as against $201.46 million received in January 2018.

Economy