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Pakistan

Pakistan's remittances in February rise 15.3pc to over $1.8bn

Pakistan received remittances worth $1,824.3 million in February 2020, showing a growth of 15.3pc or $242.5 million
11 Mar 2020
  • Pakistan received remittances worth $1,824.3 million in February 2020, showing a growth of 15.3pc or $242.5 million on a year-on-year basis.
  • Overseas Pakistanis remitted $15.126bn during the first eight months of the current fiscal year.

Overseas Pakistani workers' remittance continued to rise, after Pakistani ex-pats remitted over $1.824 billion in February, showing a Year on Year (YoY) increase of over 15 percent.

As per the latest data issued by the State Bank of Pakistan (SBP), Pakistan received remittances worth $1,824.3 million in February 2020, showing a growth of 15.3pc or $242.5 million on a year-on-year basis, when compared with $1,581.8 million received in February 2019.

The Overseas Pakistanis remitted $15.126bn during the first eight months of the current fiscal year, as compared to $14.355bn received during the same period of last year, showing an increase of 5.4pc.

The amount of remittance received by the country declined on Month-on-Month (MoM) basis, as Pakistani workers remitted $1,907.32mn in the month of January 2020, showing a drop of 4.4pc.

Saudi Arabia was the top source of remittance for Pakistani workers, with $421.96mn remitted to the country in the month of February. The United Arab Emirates was second on the list with $387.06mn. Meanwhile, the United States and the United Kingdom were the other top destinations with $333.48mn and $253.51mn remitted in the month of February, respectively.