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Remittances rise to $18 bn in first eleven months of FY18

KARACHI: Remittances from overseas Pakistanis increased to over $18 billion in the first eleven months of fiscal year 2018, said a statement by State Bank of Pakistan.

The remittances reached US $18028.24 million in the first eleven months (July to May) of fiscal year 2017-18, witnessing a growth of 2.95%. Remittances received during the same period in the preceding year were US $17511.12 million.

Surprisingly, the inflow of worker’s remittances during May 2018 amounted to $1771.24 million, which
is 7.30% higher than April 2018 but 5.13% lower than May 2017.

The inflows for May 2018 from Saudi Arabia amounted to $432.05 million, as compared to were $514.5 million in May 2017. Workers in UAE remitted $369.92 million during May 2018, compared to $426.68 million in the preceding year.

The remittances from USA and UK $276.55 million, $254.31 million respectively during May 2018. This was a decrease compared to  $248.88 million and $239.2 million respectively last year.

The Gulf Cooperation Council (GCC) countries including Bahrain, Kuwait, Qatar and Oman saw remittances worth $178.96 million in May 2018, a further decrease from the $209.95 million remitted during preceding year.

Remittances from EU countries amounted to $60.31 mi million in May 2018, compared to U$51.2 million last year.

Furthermore, the remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during May 2018 amounted to $316.77 million together against $271.79 million received in May 2017.

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