Overseas Pakistanis remit $12.7 bln in FY19 so far

February 11, 2019 (MLN): As of January 2019, the internationally residing Pakistanis have remitted over $12.77 billion during the first seven months of current fiscal year (FY19).

Data documented by the State Bank of Pakistan (SBP) disclosed today that as compared to corresponding period of last year, that is, July-January FY18, the overseas workers have sent home 12.22% higher in remittances.

Of this amount, overseas Pakistanis residing in Saudi Arabia remitted the largest portion of $2.97 billion during the period. Following right after is United Arab Emirates (UAE) with total remittance of $2.7 billion while United States of America (USA) has secured the third place with $2 billion remitted in FY19, so far.

Within UAE, remittance from Dubai accounts for the largest source as workers there remitted $1.8 billion.  

United Kingdom (UK) which was the third largest source of remittances by the same time last year, has remitted over $1.9 billion during the period. Meanwhile, Other GCC Countries collectively sent home $1.22 billion.

As compared to the corresponding period of FY18, the amount remitted by USA has grown substantially by 33.25% or a little less than $500 million.

During the month of January alone, workers stationed outside Pakistan remitted $1.74 billion down by around $5 million from previous month and up by $105 million from prior year.

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