Growing confidence in PM’s policies boosts remittances by 15 percent: FinMin
ISLAMABAD: Spokesman for Finance Division, Omar Hamid Khan on Wednesday said that due to the growing confidence in Prime Minister Imran Khan Khan’s economic policies and the resurgence in economic activity, workers’ remittances in February increased by 15 percent.
In a tweet, the Spokesman said that the remittances in February 2020 stood at $1.8 billion, which is an increase of 15 percent over February 2019.
In July to February (2019-20), the remittances rose to $15.1 billion, with growth of 5.4 percent compared to same period of the last fiscal year, he added.
It is pertinent to mention that the workers' remittances increased by 5.4 percent during the first eight months of the current fiscal year, compared to the corresponding period of last year, according to the latest data of State Bank of Pakistan (SBP). The workers' remittances received during July-February (2019-20) amounted to US $ 15,126.5 million against the remittances of US $ 14,355.8 million received during July-February (2018-19), showing an increase of US $ 770.7 million.
On year-on-year basis, the remittances during February 2020 stood at US $ 1,824.3 million, showing an increase of US $ 242.6 million or 15.3 percent over remittance of US$ 1,581.
Eight million received during corresponding month of last year.
However, on month-on-month basis, the workers’ remittances in February 2020 decreased by US $ 83 million or 4.4 percent when compared to the remittance of US $ 1,907.32 million received during previous month (January 2020).
During February 2020, larger amounts of workers' remittances were received from Saudi Arabia (US $ 421.96 million), UAE (US $ 387.1 million), USA (US $ 333.5 million) and UK (US $ 253.5 million), recording a decrease of 2.6 percent, 2.1 percent, 0.5 percent and 15.2 percent respectively as compared to January 2020. - APP