Worker's Remittances in 1HFY19 takes a leap of 10 percent YoY: SBP

January 10, 2019 (MLN): Overseas Pakistanis remitted around $1.7 billion in December 2018, marking an increment of $82 million (5.07%) from last month and a decline of $33 million (1.93%) from last year, shows data maintained by the State Bank of Pakistan on worker’s remittances.

The total sum remitted during the first six months of current fiscal year amounts to $10.7 billion, having taken a leap of 10% over previous year’s corresponding period. In contrast, last year’s cumulative figure for this period had grown by merely 2.5%, YoY.

Saudi Arabia secured its position as the largest contributor again this month with remittances worth $414 million. Meanwhile, United Arab Emirates took the spot of the second largest contributor with $341 million.

Within UAE, the largest sum of remittances came from Dubai ($228 million).

Other countries that added to the inflows include USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman), EU countries among others.

Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during December 2018 amounted to US$ 206.69 million together as against US$ 193.17 million received in December 2017.

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