Remittances Cross $13 Billion in First 7 Months of FY 2020

Remittances to Pakistan have crossed the $13 billion mark during the first seven months of this fiscal year (Jul-Jan FY20).

Overseas Pakistani workers remitted $13.302 billion in July to January of FY20, up by 4.13% as compared to $12.774 billion received during the same period in the preceding year, according to the State Bank of Pakistan.

Saudi Arabia was still the largest contributor with a major share in overall remittances. $3.051 billion inflows of home remittances were received from Saudi Arabia in the first seven months of this fiscal year compared to $2.97 billion in the corresponding period of the last fiscal year.

Remittances from the United Arab Emirates stood at $2.7 billion in July-January FY2020 compared with $2.6 billion last year. The USA and UK have also witnessed an upward trend during this period.

The government has formulated a comprehensive plan to boost the inflows of workers’ remittances through formal banking channels into Pakistan.

During the first seven months of the fiscal year, the workers’ remittances from the USA increased by 11% to $2.22 billion. Similarly, from the UK, the inflows increased by 5.66% to $2.052 billion during the period.

The remittances during January FY20 showed an increase of $163.2 million or 9.3%. The workers remitted $1.90 billion as compared with $1.74 billion during the January FY19.

The country-wise details for the month of January 2020 show the inflows from the major countries and regions:

  • Saudi Arabia: $433.39 million
  • UAE: $395.48 million
  • USA: $355.06 million
  • UK: $299.07 million
  • Bahrain, Kuwait, Qatar, and Oman: $186 million
  • EU countries: 47.22 million
Credits: Capital Stake

During January 2020, the inflow of worker’s remittances amounted to $1.907 billion, which was 9% lower than December 2019.