Finance

Pakistan receives record $21.8 workers’ remittances in FY19

Karachi, July 10, 2019: Overseas Pakistani workers remitted the US $21.85 billion during FY19 showing a growth of 20 compared with the US $19.9 billion received during the same period in the preceding year.

Pakistan is already facing a balance of payment crisis and it needs massive external inflows to overcome from this crisis. Home remittances also helped to finance the current account deficit of the country. 

Pakistan has also obtained an IMF program amounted to $6 billion to ease pressure on the external account and the first tranche of this facility arrived on Wednesday morning.

According to State Bank of Pakistan (SBP) during June 2019, the inflow of worker’s remittances amounted to the US $1.65 billion which is 28.72 percent lower than May 2019 and 1.40 percent higher than June 2018.

The country-wise details for the month of June 2019 shows that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to the US $334 million, US $356.03 million, US $276.76 million, US $268.97 million, US $163.46 million and US $52.49 million respectively compared with the inflow of US $336.61 million, US $345.31 million, US $260.32 million, US $260.25 million, US $163.53 million and US $62.16 million respectively in June 2018. Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during June 2019 amounted to the US $198.81 million together as against the US $199.47 million received in June 2018.

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