Finance

Home remittances post 3pc growth

Karachi, August 9, 2019: Pakistan received over two billion dollar on account of home remittances during the first month of this fiscal year. Overseas Pakistanis remit US$ 2 billion in the first month of FY20.

Overseas Pakistani workers remitted US$ 2039.30 million in the first month (July) of FY20 as compared with US$ 1981.73 million received during the same period in the preceding year.

During July 2019, the inflow of worker’s remittances amounted to US$ 2039.30 million, which is 23.91 percent more than June 2019 and 2.9 percent more than July 2018.

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The country-wise details for the month of July 2019 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar, and Oman) and EU countries amounted to US$ 470.95 million, US$ 427.33 million, US$ 332.37 million, US$ 299.27 million, US$ 198.06 million and US$ 58.30 compared with the inflow of US$ 437.48 million, US$ 446.25 million, US$ 291.87 million, US$ 298.51 million, US$ 199.30 million and US$ 64.96 million respectively in July 2018.

Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan, and other countries during July 2019 amounted to US$ 253.01 million together as against US$ 243.35 million received in July 2018.

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