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Pakistan receives $19.62 bn in remittances during FY18

KARACHI: Pakistan witnessed a slight increase in remittances during the fiscal year 2018, said a statement by the State Bank of Pakistan.

Overseas workers remitted US $19.62 billion during FY18 showing a growth of 1.4 percent compared with US $19.35 billion received during the same period in the preceding year.

During June 2018, the inflow of worker’s remittances amounted to $15.94 billion compared to $17.71 billion during May 2018.

The remittances from Saudi Arabia for the month of June 2018 saw a decrease to $336.61 million compared to $438.07 million last year.

This was followed by decreased from United Arab Emirates who remittances were $340.55 million during current fiscal year as compared in to $414.25 million.

The United States and United Kingdom brough worker’s inflows amounting to $248.79 million and $245.10 million respectively during the current fiscal year. Both countries saw remittances worth $265.52 million and $252.50 million last year.

The Gulf Cooperation Countries (GCC) including Bahrain, Kuwait, Qatar and Oman stood at $163.53 million during current year, and were 232.89 million last year.

European Union countries amounted to $62.14 million this year as compared to $56.97 million last year.

Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during June 2018 amounted to $197.69 million together as against $180.04 million received last year.

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