Dubai overtakes USA as the second largest source of home remittances in July

During July 2018, home remittances from Dubai took the second place after Saudi Arabia, replacing the United States of America as the second largest contributor to remittances received from abroad.

In the month of July, overseas Pakistanis living in Dubai have sent back an aggregate of $308.8 million, compared to the $280.34 million and the $277.51 million received from USA and UK respectively.

Up until a month ago, USA accounted for the second largest share of home remittances coming into the country, with overseas Pakistanis living in the country having sent a total of $248.79 million in June 2018. In comparison, overseas Pakistanis living in Dubai had only sent $237.24 million in that month. Not only was Dubai behind USA, but also behind the United Kingdom, which had contributed $245.1 million in remittances.

Remittances from UAE countries have been witnessing a growing trend. Remittances coming in from UAE countries have grown at a pace of 29.52% from July 2017. More specifically, remittances received from Dubai have increased by 28.32% over the year.

The largest share of home remittances comes from Middle Eastern nations, primarily Saudi Arabia, as overseas Pakistanis live and work in heavy numbers in the country.

Growing at a steady pace of 7% over the year, a total of 437.48 million dollars were received in home remittances from Saudi Arabia, about the same amount that has been collectively received from UAE countries that comprise places like Dubai, Abu Dhabi and Sharjah, among others.

Home Remittances coming into the country in the month of July 2018 have demonstrated an increase of 25.17% over the corresponding month of the previous year. A total of $1,929.76 million were received in home remittances from all over the world, much larger than the $1,541.67 million received in July 2017 and the $1,360.28 million received in July 2016.

Compared to the previous month, home remittances have increased by 21% as a total of $1,594.41 million were received in June 2018.

Overseas Pakistanis living in other GCC Countries, which include Bahrain, Kuwait, Qatar, and Oman, have sent back a total of $199.31 million in July 2018 compared to the $163.53 million sent back a month ago.

The largest growth in home remittances over the year, among the most important sources of remittance for Pakistan, has been witnessed in the money flowing in from Malaysia, as overseas Pakistanis living in the country sent back $133.96 million in July 2018, compared to $100.1 million sent back a month ago, and the $82.65 million sent to Pakistan a year ago.

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