Remittance during December increase by 9.31% to $ 1.723 billion

Remittance from overseas Pakistanis recorded sharp jump in December as dollar recorded steady rise against domestic currency while increased the arrival of earnings to 1.723 billion dollars. 

According to latest State Bank data, Remittances during December increase by 9.31% to $ 1.723 billion against $ 1.576 billion last month.

UK, USA and Saudi Arabia were the major contributors as more than 70% of Pakistan’s diaspora resides in these countries. Remittances from US increased by $ 30 million to $ 234.76 million during the December. UK Remittances also showed an incline, with month on month increase of 14.9% to clock in at $ 223.30 million for December.

Kingdom of Saudi Arabia, with the largest share for remittances also saw a slight increase of $ 22.45 million. The total remittances from KSA clocked in at $ 431.97 million; rising by 5.4%.

Cumulatively, during the period between July – December, FY 2018, total remittances grew by a healthy $ 239.64 million; registering an increase of 2.52%. Year on year, during the period between July – December, inflows from United Kingdom posed an outstanding recovery in Remittances increasing by more than 23%, followed by US change of -7.47% whereas Remittances from KSA continue to shrink at increasing pace. KSA remittances during the FY ’18 declined by -7.47%, more than last year’s drop of -5.55%.

Meanwhile, inflows from EU recorded a healthy increase of 36.71%, increasing the total by $ 84.57 million against July – December, FY ’17.