Significant rise in Overseas Pakistanis Remittances, top 10 remitting countries

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Significant rise in Overseas Pakistanis Remittances, top 10 remitting countries

*KARACHI: Overseas Pakistanis remitted $7.47 billion in the first four months (July to October) of FY20, compared with $7.61 billion received during the same period in the preceding year.*

*Figures were according to official data released by the State Bank of Pakistan (SBP) on Tuesday.*

During Oct this year, the central bank said, the inflow of remittances amounted to $2 billion, which is 14.46 per cent higher than September 2019 and 2.89 per cent lower than October 2018.

The country-wise breakdown for the month of October shows that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $468.18 million, $398.96 million, $322.38 million, $328.69 million, $191.77 million and $60.94 million respectively compared with the inflow of $494.53 million, $419.41 million, $325.19 million, $322.29 million, $200.87 million and $57.42 million respectively in October 2018.

Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan, and other countries during October 2019 amounted to $229.88 million together as against $240.57 million received in October last year.

Economy