Karachi, December 11, 2019: Overseas Pakistani workers remitted $9.298.57 billion in the first five months (July to November) of FY20 compared with $9.281.94 billion received during the same period in the preceding year.
During November 2019, the inflow of workers’ remittances amounted to $1.819.66 billion, which is 9.05 percent lower than October 2019 and 9.35 percent higher than November 2018.
The country wise details for the month of November 2019 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $407.48million, $383.77million, $298.64million, $285.56million, $172.25million and $52.76million respectively compared with the inflow of $395.12million, $350.35million, $268.32million, $246.78million, $153.51million and $42.22million respectively in November 2018.
Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during November 2019 amounted to $219.19 million together as against $207.74 million received in November2018.
The government has recent taken initiatives to enhance the inflows of remittances through banking channels which is not only crucial for the economy but it is also a condition of FATF to curb the system of Hawala and Hundi in the country.
Banks and money transfer services are not allowed to charge any service fee from senders and receivers of the remittances. Senders of the remittances will be reimburse the amount equivalent to 10 Saudi Riyals on sending remittances of over $100 and 20 Riyals on sending the remittances up to $200.
