ISLAMABAD – Pakistan received the highest ever inflows of $2 Billion in asingle month in August from expatriate Pakistanis living in differentcountries.
The increase in remittances inflows were mainly due to Eid-ul-Azha as themajority of the overseas Pakistanis sent remittances to their relatives forperforming the religious obligation of sacrifice, along with money forfestivities.
According to the State Bank of Pakistan (SBP), the remittances inflows inAugust of this year increased to $2.03 billion as compared to $1.92 billioninflows received in July 2018, showing a growth of 5.57 percent.
This year, it wasn’t only remittances were recorded at the highest levelahead of Eid-ul-Azha. The demand for cash also reached an all-time high inthe overall economy, including in cattle markets and retail sectors. Giventhis connection, the central bank injected Rs 2 trillion ahead of thereligious festival.
Major inflows for August 2018 from different countries are stated below:
– Kingdom of Saudi Arabia: $465 million – United Arab Emirate: $461 million – United State of America: $316 million – United Kingdom: $278 million – GCC countries (including Bahrain, Kuwait, Qatar and Oman): $193 million – European Union Countries: $59 million
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Remittances received from Malaysia, Norway, Switzerland, Australia, Canada,Japan and other countries during August 2018 amounted to $262.06 million.
Overall, overseas Pakistani workers remitted $3.966 billion in the firsttwo months (July to August) of FY19, showing a growth of 13.45% comparedwith $3.496 billion received during the same period in the preceding year.
It is estimated that remittances inflows will record a gradual growth inthe rest of the months of the financial year, leading to reach the highestever level of $20 billion.
