Remittances to Pakistan Expected to Hit $2 Billion This Month

Remittance inflows from overseas Pakistanis are likely to go up to $2 billion in May due to Ramadan.

Overseas Pakistanis from different countries usually send more remittances to their relatives in Pakistan, including an extra amount for Zakat and spending on the occasion of Eid-ul-Fitr.

In the past, remittance inflows recorded a handsome growth in the month of Ramadan due to the seasonal factors. This year, the remittance inflows have already shown a sustainable growth because of the incentive scheme from the government and improved functions in the banking channels.

In the current financial year, remittances made a record in October with a figure of over $2 billion. This was the highest ever received by the country in one month. Other than that, remittance figures in June and August were recorded at $1.96 billion and $1.9 billion respectively.

In first ten months (July to April) of FY2019, overseas Pakistani workers remitted $17.8 billion, showing a growth of 8.45% compared with $16.481 billion received during the same period in the preceding year.

During April 2019, the inflow of workers’ remittances amounted to $1.778 billion, which is 2% higher than March 2019 and 6% higher than April 2018.

With two months remaining in the current financial year, remittance inflows will likely set a new record, touching the mark of $21 billion for the first time.