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Remittances posts growth of 5.5pc during July-April: SBP

Remittances posts growth of 5.5pc during July-April: SBP

KARACHI: The Workers’ Remittances remittances sent by overseas Pakistanis posted a growth of 5.5 percent during the first 10 months of this fiscal year (FY20).

As per the data released by the State Bank of Pakistan (SBP), the Workers’ Remittances received during July – April FY20 amounted to $18,781.6 million recording an increase of $980.6 million or 5.5pc over remittances received during July – April FY19 $ 17,801.0 million.

On a monthly basis, remittances during April 2020 amounted to $1,790.0 million recording a decrease of $104.4 million or 5.5 percent over remittance received during March 2020, $1,894.4 million.

On a yearly basis, the remittances during April 2020 $1,790.0 million increased by $19.8 million or 1.1 percent over remittance received during the corresponding month of FY 19 $1,770.2 million.

During the period under review, home remittances from Saudi Arabia and the US were increased by some 5 percent and 21.27 percent respectively. Pakistan received inflows amounted to $4.377 billion from Saudi Arabia and some $3.382 billion from the US during the first ten months of this fiscal year. While inflows of home remittances from the UK were surged by one percent to $2.781 billion.

The country-wise details for the month of April 2020 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar, and Oman) and EU countries amounted to $451.37 million, $353.79 million, $401.91 million, $226.61 million, $153.35 million and $40.48 million respectively compared with the inflow of $428 million, $372.45 million, $260.22 million, $280.02 million, $175.46 million and $48.19 million respectively in April 2019.