Remittances flow to Pakistan hit a 7-month high in Dec

As per the data, BE&OE reported on its official website, 25,203 Pakistanis went aboard in 2019.

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Touching a mark of $2.09 billion, foreign remittances have reached a seven-month high in December 2019. The sharp increase is particularly an outcome of Pakistanis who moved abroad for employment purposes last year.

The recent statistics from the State Bank of Pakistan (SBP) show that the foreign remittances inflow to Pakistan was 15% higher as compared to November 2019 while it was 20% higher compared to the same month last year.

What is the reason for the sharp increase in the figures?

A banker working at a large bank, while speaking to The Express Tribune, said that the reason for a significantly sharp boost in the remittances inflow is because of Pakistanis who have moved abroad to avail employment opportunities.

According to the statistics issued by the Bureau of Emigration and Overseas Employment (BE&OE), on average 1700 Pakistanis sought jobs outside Pakistan every day in 2019. The numbers were 1000/day for 2018.

As per the data, BE&OE reported on its official website, 25,203 Pakistanis went aboard in 2019 compared to a total of 382,439 in 2018. The number of Pakistanis working abroad increase by about 6% to 11.11 million overall in 2019.

“The diplomatic efforts coupled with oil price stability created more employment opportunities for Pakistani workforce mainly in Saudi Arabia and the UAE – the largest destinations for Pakistani expatriate workers,” BE&OE said. 

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