Remittances Slightly Down in the First 4 Months of FY20

Remittances sent by overseas Pakistanis have registered a slight decline of 1.82% during the first four months (July-October) of this fiscal year (FY20).

Overseas Pakistani workers remitted $7.479 billion in July to October of FY20 compared to $7.618 billion received during the same period in the preceding year, depicting a decline of $139 million.

During October 2019, the inflows of workers’ remittances was 2.88% lower than same period of last fiscal year. Inflows of home remittances were $2 billion in October 2019 against $2.06 billion in October 2018.

However, home remittance arrived in October 2019 were some 14.46% higher than September 2019. Inflows from USA increased by 3.88% to $1.234 billion while in UK, they were increased by 1% to $1.143 billion respectively. during the first four months of this fiscal year.

Home remittances from Saudi Arabia declined by 1.14% to $1.737 billion against $1.757 billion in the same months of 2018-19. However, with 23% share, Saudi Arabia is still the largest contributor in the overall inflows of workers’ remittances.

The country-wise details for the month of October 2019 show the inflows from the major countries and regions:

  • Saudi Arabia: $468.18 million
  • UAE: $398.96 million
  • USA: $322.38 million
  • UK: $328.69 million
  • Bahrain, Kuwait, Qatar, and Oman: $191.77 million
  • EU countries: $60.94 million

Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan, and other countries during October 2019 amounted to $229.88 million together against $240.57 million received in October 2018.


    • If we compare in local currency, remittances have increased,
      $7.618 Billion @ 132 = PKR 1,005.576 Billion
      $7.479 Billion @ 156 = PKR 1,166.724 Billion

      This means people have send more remittances as per their requirements but less in $ value mainly due to increase in exchange rates.

      Normally people send money as per their need in Pakistan in local currency (i.e. Sending 50,000 PKR per month (etc) for their house hold expenses)
      They look at how much PAK Rupee they are sending rather than foreign currency.

      Reference:
      www . brecorder . com (Exchange rates source) on 30th Oct 2018 and 2019

  • If we compare in local currency, remittances have increased,
    $7.618 Billion @ 132 = PKR 1,005.576 Billion
    $7.479 Billion @ 156 = PKR 1,166.724 Billion

    This means people have send more remittances as per their requirements but less in $ value mainly due to increase in exchange rates.

    Normally people send money as per their need in Pakistan in local currency (i.e. Sending 50,000 PKR per month (etc) for their house hold expenses)
    They look at how much PAK Rupee they are sending rather than foreign currency.

    Reference:
    www brecorder com (exchange rates source) on 30th Oct 2018 and 2019


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