September 26, 2018 (MLN): Saudi Arabia has maintained its position as the largest contributor of home remittances in Pakistan during August 2018, while Dubai holds on to the second place, reminiscent of the prior month.
During August 2018, overseas Pakistani’s living in Saudi Arabia sent back a sum of $465.53 million, as compared to $321.51 million received from Dubai and $316.89 million from USA.
As compared to the previous month, the remittances received from Saudi Arabia increased by 6.41%, those received from Dubai grew by 4.12% whereas remittances from USA jumped by 13.04%.
The largest share of remittances came from the Middle Eastern countries, including Dubai, Abu Dhabi, Sharjah and others, as the Pakistani residing in these countries sent home $461.2 million as compared to $433.42 million sent during the previous month.
Home remittances collected from all over the World during August 2018 increased by 5.6% over the previous month, as a total of $2.04 billion was received as compared to $1.93 billion received during July 2018.
In contrast to the previous year, the remittance collection increased by 4.24% as a total of $1.95 billion were collected in August 2017.
Overseas Pakistanis residing in other GCC countries including Bahrain, Kuwait, Qatar and Oman, have sent home a sum $193.17 million during August 2018 as compared to $199.31 million sent during the previous month.
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 $141.94 million during August 2018 as compared to $109.08 million sent in during the corresponding month of previous year.
Similarly, over the month, home remittances received from Abu Dhabi witnessed the largest growth among the most important sources of remittances for the country.
Copyright Mettis Link News
23300
