Remittances increase 6 percent to $16.991b in 3 quarters
ISLAMABAD: The remittances from Pakistani workers abroad witnessed an increase of 6 percent during the first three quarters of the current fiscal year as compared to the corresponding period of last year.
The overall remittances during July-March (2019-20) were recorded at $16,991.59 million against the remittances of $16,030.88 million during July-March (2018-19), according to the latest data of State Bank of Pakistan (SBP).
The overseas workers’ remittances during the month of March 2020 increased by 9.28 percent by going up from $1,733.51 million in March 2019 to $1,894.38 million during the month under review.
On-on-month basis, the remittances increased by 3.8 percent in March 2020 when compared to the remittances of $1824.95 in February 2020.
According to the breakup figures, the remittances from USA during the first three quarters increased by 17.74 percent and were recorded at $2,880.37 million against the remittances of $2,446.36 in March 2019.
The remittances from the UK increased from $2,476.22 million last year to $2,554.14 million during the current year, showing growth of 3.15 percent while the remittances from Saudi Arabia increased by 4.76 percent, from $3,747.25 million to $3,925.67 million. Likewise, the remittances from the United Arab Emirates (UAE) were recorded at $3,552.2 million against the remittances of 3,412.26 million, showing growth of 4.1 percent.
The remittances from other gulf countries went up by 5.46 percent and were recorded at $1,626.5 million during the period under review as compared to the remittances of $1,542.36 million during last year.
The remittances from the European Union countries witnessed growth of 8.44 percent by growing from $437.75 million last year to $474.68 million, the PBS data revealed.
Meanwhile, the remittances from Malaysia increased by 2.03 percent and from Japan 59.15 percent whereas the remittances from Norway, Switzerland, Australia and Canada witnessed negative growth, the data revealed. – APP