Inflows of home remittances declined slightly 2 percent during the first four months (July-October) of this fiscal year (FY20).
Overseas Pakistani workers remitted $7.479 billion in July to October of FY20 compared to $7.618 billion received during the same period in the preceding year, depicting a decline of $139 million.
During October 2019, the inflows of workers’ remittances were is 2.88 percent lower than same period of last fiscal year. Inflows of home remittances were $2 billion in October 2019 as against $2.06 billion in October 2018. However, home remittance arrived in October 2019 were some 14.46 percent higher than September 2019. Inflows from USA and UK increased 3.88 percent and 1 percent to $1.234 billion and $1.143 billion respectively during the first four months of this fiscal year. While, home remittances from Saudi Arabia were declined by 1.14 percent to $1.737 billion. However, with 23 percent share Saudi Arabia is still the largest contributor in overall inflows of workers’ remittances.
The country wise details for the month of October 2019 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $468.18 million, $398.96 million, $322.38 million, $328.69 million, $191.77 million and $60.94 million respectively compared with the inflow of $494.53 million, $419.41 million, $325.19 million, $322.29 million, $200.87 million and $57.42 million respectively in October 2018.
Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during October 2019 amounted to $229.88 million together as against $240.57 million received in October 2018.
epaper.brecorder.com
Overseas Pakistani workers remitted $7.479 billion in July to October of FY20 compared to $7.618 billion received during the same period in the preceding year, depicting a decline of $139 million.
During October 2019, the inflows of workers’ remittances were is 2.88 percent lower than same period of last fiscal year. Inflows of home remittances were $2 billion in October 2019 as against $2.06 billion in October 2018. However, home remittance arrived in October 2019 were some 14.46 percent higher than September 2019. Inflows from USA and UK increased 3.88 percent and 1 percent to $1.234 billion and $1.143 billion respectively during the first four months of this fiscal year. While, home remittances from Saudi Arabia were declined by 1.14 percent to $1.737 billion. However, with 23 percent share Saudi Arabia is still the largest contributor in overall inflows of workers’ remittances.
The country wise details for the month of October 2019 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $468.18 million, $398.96 million, $322.38 million, $328.69 million, $191.77 million and $60.94 million respectively compared with the inflow of $494.53 million, $419.41 million, $325.19 million, $322.29 million, $200.87 million and $57.42 million respectively in October 2018.
Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during October 2019 amounted to $229.88 million together as against $240.57 million received in October 2018.
BR-ePaper | Workers remittances decline 2pc
Business Recorder e-Paper page Front Page 1
epaper.brecorder.com
