Foreign Remittances Increase To $13.3 Billion In First Seven Months Of The Current FY19-20

The United Arab Emirates was the second-largest source with remittances coming in at a staggering $2.745 billion during July-January 2019-20, increasing by 1.73pc.

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Remittances

During the first seven months of the current fiscal year, foreign remittances increased to $13.3 billion. Last year, this digit stood at $12.77 billion.

In the July-January period of the year 2019-20, inflow from workers overseas increased by 4.13% as compared to the growth of 10.8pc in the same months of FY19.
However, during the month of January, the remittances decreased 9.06pc to $1.907 billion as compared to $2.097 billion in December 2019, while jumping by 9.34pc over $1.744 billion in the same month, last year.

As usual, remittances from Saudi Arabia remained at the top, as remittances increased by 2.69pc to $3.051 billion during the first seven months of FY20. During the corresponding period last year, these remittances were $2.971 billion.

The United Arab Emirates was the second-largest source with remittances coming in at a staggering $2.745 billion during July-January 2019-20, increasing by 1.73pc.

Overseas Pakistanis in the United States sent $2.224 billion in remittances during the period under review. These also witnessed an increase of 10.96pc. From the United Kingdom, inflow increased by 5.6pc to $2.052 billion from $1.942 billion.

Similarly, remittances from Gulf Cooperation Council countries increased by 4.32pc to $1.275 billion, from $1.222 billion. In July-December 2018-19, the inflow from these countries decreased by 7pc.

Inflow from Malaysia has also experienced an inadequate growth of just 1.46pc compared to the massive growth of 48.7pc recorded last year. Remittances from Southeast Asian countries stood at $922 million from $906 million.

From European Union countries, the remittances were $386 million, an 8.6pc increase was observed in this from last year as well. The monthly average remittances amounted to $1.9 billion, which will sum up to $22.8 billion at the end of this fiscal year.

Even though the growth in remittances is gradual, the exchange rate has shown stability with subdued demand for dollars in both the interbank and open markets.

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