Saudi Arabia upholds position as biggest contributor of remittances

March 13, 2019 (MLN):  The overall remittance in February 2019 dropped by $167 million as compared to January 2019, but marked a rise of $126 million over last year (February 2018). However, a more eminent change has been recorded in the cumulative remittances for July-Feb FY19 which expanded by 11.8% over the year, being recorded at $14.4 billion.

Overseas Pakistanis stationed in Saudi Arabia remitted the largest sum in February 2019, amongst all workers residing abroad. The State bank of Pakistan (SBP) recorded this sum at $370 million which is about 23.5% of the total remittance. Saudi Arabia has maintained its position as the largest contributor of remittance for the last six months.

As compared to last month, the remittance from Saudi Arabia has diminished by nearly $34 million, but against last year, Pakistani workers in the country sent back $22 million more this year.

In the last eight months, the largest contribution came from workers in Saudi Arabia as well, an amount of $3.3 billion up by 2% over the year.

Maintaining second position on the list of largest remitters stands United Arab Emirates (UAE), with $335.6 million sent home as compared to $352 million remitted last month. UAE’s share in total remittance this month is 21.3%.

Within the country, remittance from Dubai increased by over $1 million but the overall decline came about due to the decline in remittance from Abu Dhabi which fell from $121.6 million to $104.8 million.

Other large contributors of remittance in February are UK at$252 million and USA at $241 million.

Apart from this, Pakistanis residing in Other GCC Countries remitted $152.3 million, while EU countries remitted $37.7 million.

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