Worker's remittances in FY19 surge by 12.6 percent

MG News | December 10, 2018 at 05:55 PM GMT+05:00

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December 10, 2018 (MLN): Total worker’s remittance for November 2018 ($1.6 billion) has increased by 2% over the year, whereas during the November of FY18 ($1.58 billion), the sum had dropped by the almost same margin, YoY.

However, compared to previous month’s remittance ($2 billion), the sum has dropped by 20%.

Collectively for the first five months (July- Nov) of current fiscal year, the remittances ($9 billion) have shot up by 12.6%, while last year’s YoY growth in remittance for the same period had been merely 1.3%.

While Saudi Arabia maintains its position as the largest contributor of home remittances in Pakistan, United Arab Emirates (UAE) has lost its place as the second biggest contributor to USA.

During the month of November, overseas Pakistanis residing in Saudi Arabia have sent home $395 million, while those in UAE remitted $343 million.

Within UAE, the largest sum of remittances ($232 million) came from Dubai.

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