Remittances remain flat in first five months

Inflows of home remittances were remained flat during the first five months of this fiscal year (FY20) as compared to corresponding period of last fiscal year (FY19).

According to State Bank of Pakistan (SBP), overseas Pakistani workers have remitted $9.298 billion in July to November of FY20 as against inflows of $9.282 billion received during the same period in the preceding year.

During the period under review, home remittances from the US and the UK increased by 5.25 percent and 3.58 percent respectively. Pakistan received inflows amounted to $1.53 billion from the US and some $1.428 billion from the UK during the first five months of this fiscal year, while inflows from Saudi Arab fell slightly $6 million to $2.145 billion in July-Nov of FY20.

Month-on-Month basis, during November 2019, the inflow of workers' remittances amounted to $1.82 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, the UAE, the USA, the UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $407.48 million, $383.77 million, $298.64 million, $285.56 million, $172.25 million and $52.76 million respectively compared with the inflow of $395.12 million, $350.35 million, $268.32 million, $246.78 million, $153.51 million and $42.22 million 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.