Remittances Slightly Down in the First 4 Months of FY20

Remittances sent by overseas Pakistanis have registered a slight decline of 1.82% during the first four months (July-October) of this fiscal year (FY20).

Overseas Pakistani workers remitted $7.479 billion in July to October of FY20 compared to $7.618 billion received during the same period in the preceding year, depicting a decline of $139 million.

During October 2019, the inflows of workers' remittances was 2.88% lower than same period of last fiscal year. Inflows of home remittances were $2 billion in October 2019 against $2.06 billion in October 2018.

However, home remittance arrived in October 2019 were some 14.46% higher than September 2019. Inflows from USA increased by 3.88% to $1.234 billion while in UK, they were increased by 1% to $1.143 billion respectively. during the first four months of this fiscal year.

Home remittances from Saudi Arabia declined by 1.14% to $1.737 billion against $1.757 billion in the same months of 2018-19. However, with 23% share, Saudi Arabia is still the largest contributor in the overall inflows of workers' remittances.

The country-wise details for the month of October 2019 show the inflows from the major countries and regions:

Saudi Arabia: $468.18 million

UAE: $398.96 million

USA: $322.38 million

UK: $328.69 million

Bahrain, Kuwait, Qatar, and Oman: $191.77 million

EU countries: $60.94 million

Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan, and other countries during October 2019 amounted to $229.88 million together against $240.57 million received in October 2018.

Source: Pro Pakistani