Workers' remittances sent by overseas Pakistanis posted over 3 percent increase during the first half (July-Dec) of this fiscal year (FY20). According to the State Bank of Pakistan (SBP), overseas Pakistani workers remitted some $11.395 billion in July to December of FY20 compared with $11.03 billion received during the same period in the preceding year, showing a growth of 3.31 percent or $365 million.
Inflows of home remittances from three major corridors witnessed an upward trend. Workers' remittances from US surged by 9.08 percent to $1.89 billion during the first half of this fiscal year. With an increase of 6.44 percent, some $1.753 billion were received from UK. Similarly, home remittances from Saudi Arabia mounted up by some 2 percent to $2.618 billion during July-Dec of FY20.
During December 2019, the inflows of workers' remittances amounted up to $2.097 billion, which is 15.25 percent higher than $1.819 billion of November 2019 and 20 percent higher than December 2018, in which $1.748 inflows were arrived.
The country-wise details December 2019 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $472.94 million, $427.56 million, $357.45 million, $324.57 million, $205.73 million and $56.42 million, respectively compared with the inflow of $414.59 million, $351.19 million, $276.29 million, $267.79 million, $174.42 million and $47.48 million, respectively in December 2018.
Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during December 2019 amounted to $252.56 million together against $216.35 million received in December 2018.
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