Pakistan received record-breaking remittances of more than $2 billion from expats in different countries.
The remittance of $2.3 billion sent by overseas Pakistanis is an all-time high received in a single month. Previously, the remittances crossed the mark of $2 billion twice throughout the country’s history – $2.08 billion in August and $2.06 billion October in the current financial year.
As predicted earlier, handsome inflows of remittances were recorded due to seasonal demand pushed by the spending on Eid-ul-Fitr and the Zakat obligation.
In May 2019, the inflows of worker’s remittances amounted to US $2315.74 million, which is 30.17% higher than April 2019 and 28.36% higher than May 2018.
Here is the break-up of remittances received from different countries in May 2019:
- $493 million from Saudi Arabia.
- $476 million from UAE.
- $387 million from the UK.
- $237 million from GCC countries.
Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan, and other countries during May 2019 amounted to the US $303.17 million together.
Overall, the remittances received in the eleven months of the current fiscal year crossed $20 billion. With one month left, inflows of over $1.5 billion are expected in June which will also create a new record for receiving highest-ever remittances inflows in Pakistan by end of a financial year.
Compared with last year, the remittance inflows recorded double-digit growth of 10.42 percent from the corresponding period of the previous year. This was mainly because of the measures taken by the government and the central bank to incentivize banking channels for overseas Pakistanis sending remittances to their relatives in Pakistan.