ISLAMABAD: The growth in foreign remittances, which soared to $11.4 billionduring the July-December period of FY20, is likely to continue for the restof the year due to a host government measures that may help achieve thetarget of $24 billion set for the financial year 2020.
“Due to this increasing trend in remittances, the target of $24 billion atthe end of FY20 is likely to be achieved as the data of last five yearssuggests that the workers remitted more in the last six months as comparedto the first six months of the fiscal year,” said a statement issued by theMinistry of Finance on Monday.
According to the ministry, seasonal effect was also a leading factor inboosting remittances and it was expected that with the start of Ramadan andthe following Eid, the flow of remittances would increase as the workersgenerally sent more money during the holy events and activities.
Giving a break-up of the remittances received during the Jul-Dec 2019, thestatement said that the remittances reached $11.394 billion in 6MFY20 ascompared to $11.030 billion in the corresponding period last year, showinga growth of 3.3pc.
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Overseas Pakistani workers remitted $2.097 billion in December 2019 ascompared to $1.819 billion in the same month last year.
