KARACHI: State Bank of Pakistan (SBP) on Monday said that an increase is being witnessed in the workers remittances during the first 10 months of the ongoing fiscal year 2019-20, ARY NEWS reported.
According to details provided by the state bank, the Workers’ Remittances received during July – April of the ongoing fiscal year amounted to United States Dollar (USD) 18,781.6 million recording an increase of US$ 980.6 million or 5.5 percent over remittances received during the same period of the previous year that was $ 17,801.0 million.
It said that the foreign currency inflow during April 2020 amounted to US $ 1,790.0 million recording a decrease of $ 104.4 million or 5.5 percent over remittance received during previous month (March 2020, US $ 1,894.4 million).
The remittances during April 2020 increased by $ 19.8 million or 1.1 percent over remittance received during corresponding month of FY 19 (US $ 1,770.2 million).
The SBP said that during April 2020, larger amounts of money are received from Saudi Arabia (US$ 451.4 million), United States (US$ 401.9 million), United Arab Emirates (US$ 353.8 million) and United Kingdom (US$ 226.6 million).
On March 18, a State Bank of Pakistan report showed that the current account and trade deficits witnessed a massive decline during the first eight months of the ongoing fiscal year 2019-20 as compared to the same period of the previous year.
According to the details, the current account deficit witnessed a 71 percent decline during the first eight months and stood at US$2.84 billion.
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“A current account deficit of US$210 million was recorded during the month of February 2020,” the SBP report showed.
The trade deficit has also witnessed a 33 percent decline during the eight months of the 2019-20 and stood at US$13.21 billion.
The remittances from overseas Pakistanis, however, witnessed a five percent increase in the first eight months and jumped to US$15.12 billion.
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