The country received over $14 billion remittance inflows during the first nine months of this fiscal year (FY18). According to State Bank of Pakistan (SBP) overseas Pakistani workers remitted over $14.606 billion in July to March of this fiscal year (FY18) compared with $14.105 billion received during the same period in the preceding year, showing a growth of 3.56 percent. Some 12 percent and 22 percent surge has been witnessed in the inflows of home remittances from US and UK respectively; however it was offset by some 9.5 percent decline in the inflows from Saudi Arabia.
Workers'' remittances from US rose to $1.948 billion in first nine months of this fiscal year compared to $1.739 billion in the same period of last fiscal year. During the period under review, home remittance from UK reached $2.031 billion up from $1.658 billion. However, home remittance inflows from Saudi Arabia declined to $3.69 billion in first nine months of this fiscal year.
The SBP in its recent report has already warned that Saudi Arabia''s economic reforms, most important is the job nationalization drive aims to replace expatriate workers with Saudi citizens, will bring important change in remittances to Pakistan.
According to SBP, during March 2018, the inflow of workers'' remittances amounted to $1.773 billion, which is 22.24 percent higher than February 2018 ($1.450 billion) and 4.62 percent higher than March 2017 ($1.694 billion).
The country-wise details for March 2018 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $427.62 million, $420.24 million, $236.17 million, $244.2 million, $183.79 million and $58.89 million, respectively compared with the inflow of $504.61 million, $362.94 million, $213.42 million, $209.14 million, $197.21 million and $38.85 million, respectively in March 2017. Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during March 2018 amounted to $201.86 million together against $168.32 million received in March 2017.