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Overseas workers’ remittances rise 14.46pc to $2 billion in October

KARACHI: Overseas Pakistanis remitted $7.47 billion in the first four months (July to October) of FY20, compared with $7.61 billion received during the same period in the preceding year, according to official data released by the State Bank of Pakistan (SBP) on Tuesday.

During Oct this year, the central bank said, the inflow of remittances amounted to $2 billion, which is 14.46 per cent higher than September 2019 and 2.89 per cent lower than October 2018.

The country-wise breakdown for the month of October shows 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 last year.

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