Inflows of workers' remittances maintained uptrend, posting 8.45 percent growth during the first 10 months of this fiscal year (FY19). Overseas Pakistani workers remitted $17.875 billion during July to April of FY19 compared with $16.482 billion received during the same period in the preceding year, depicting an increase of $1.394 billion.
According to statistics issued by the State Bank of Pakistan (SBP) Friday, during the period under review, major growth was witnessed in the inflows from US and UK at 22 percent and 16.6 percent, respectively. While, the leading contributor, ie, Saudi Arabia to the overall inflows posted a slight growth of 2 percent.
With an increase of $499 million, Pakistan received home remittances amounting to $2.786 billion from US and some $2.755 billion, up by $392 million, from UK during July-April of FY19. Inflows from Saudi Arabia rose by $ 85 million to $4.175 billion in first 10 months of this fiscal year. However despite lower growth, Saudi Arabia's share in overall remittances remained highest at 23 percent.
Cumulatively, home remittances from GCC and EU countries declined by 5.39 percent and 9.28 percent to $1.718 billion and $486 million, respectively. In addition, inflows from UAE increased by 4 percent to $3.787 billion in first 10 months of current fiscal year. Month-on-month basis, during April 2019, the inflow of workers' remittances amounted to $1.779 billion, which is 2 percent higher than March 2019, in which the country received $1.745 billion inflow. Home remittances arrived in April 2019 are also some 6 percent higher than April 2018 ($1.679 billion). Bankers said that ahead of Eid and Ramazan, overseas Pakistanis are sending more remittances to their relatives to meet the expanses.
The country-wise details for April 2019 show that inflows from Saudi Arabia, UAE, USA,UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $427.82 million, $372.43 million, $269.56 million, $280.02 million, $175.44 million and $48.19 million respectively compared with the inflow of $399.56 million, $362.40 million, $250.91 million, $245.85 million, $167.68 million and $54.75 million, respectively in April 2018. Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during April 2019 amounted to $205.43 million together against $197.72 million received in April 2018.