Overseas Pakistanis send over $11 bn remittances in first half of FY20

KARACHI: Overseas Pakistani workers remitted US$ 11394.91 million in the first half (July to December) of the fiscal year 2020.

The remittances showed a growth of 3.31 per cent as compared with US$ 11030.01 million received during the same period in the preceding year, according to data.

The inflow of workers’ remittances amounted to US$ 2097.23 million during December 2019, which is 15.25 per cent higher than Nov 2019 and 20 per cent higher than December 2018.

Also Read: Karachiite gets listed globally among top CIOs

The country-wise details for Dec 2019 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar, and Oman) and EU countries amounted to US$ 472.94 million, US$ 427.56 million, US$ 357.45 million, US$ 324.57 million, US$ 205.73 million and US$ 56.42 million respectively.

In Dec 2018, however, Pakistan received US$ 414.59 million in remittances from Saudi Arabi, US$ 351.19 million from UAE, US$ 276.29 million from USA, US$ 267.79 million from UK, US$ 174.42 million from GCC countries and US$ 47.48 million from EU countries.

Also Read: India’s slowing economy led to record drop in car sales

Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during December 2019 amounted to US$ 252.56 million together as against US$ 216.35 million received in December 2018.