Foreign Remittances Remain Flat During First Five Months of FY2019-20

Remittances sent by overseas Pakistanis remained flat during the first five months (July-November) of this fiscal year (FY20) as compared to the corresponding period of last fiscal year (FY19).

Overseas Pakistani workers remitted $9.298 billion in July to November of FY20 compared to $9.282 billion received during the same period in the preceding year, showed the data released by the State Bank of Pakistan.

During November 2019, the inflows of workers’ remittances were 9.35% higher than the same period of last fiscal year. Inflows of home remittances were $1.82 billion in November 2019 against $1.66 billion in November 2018. However, on a monthly basis, it was down by 9% as compared to October’s figure of $2 billion.

During the five-month period, home remittances from the US and the UK increased by 5.25% to $1.53 billion and 3.58% $1.428 billion respectively.

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

  • Saudi Arabia: $407.48 million
  • UAE: $383.77 million
  • USA: $298.64 million
  • UK: $285.56 million
  • Bahrain, Kuwait, Qatar, and Oman: $172.25 million
  • EU countries: $52.76 million

Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during November 2019 amounted to $219.19 million as compared to $207.74 million received in November 2018.