February 6, 2019: The workers’ remittances witnessed a robust growth of 13.2 percent during the first quarter of the current fiscal year (2018-19), with inflows crossing the 5 billion dollars mark in a quarter for the first time.
According to the first quarterly report by State Bank, the increase in remittances is more pronounced from the non-GCC (Gulf Cooperation Council) corridors, especially the United States and United Kingdom owing to many factors.
The official data revealed that increased economic activity in the developed economies may have incentivized the Pakistani diaspora in these countries to remit more to their families.
In first quarter current of fiscal year, inflows from the GCC and the Kingdom of Saudi Arabia grew by 4.0 percent and 2.8 percent.
The report added that the government remains committed to supporting the flow of remittances into the country. The government and SBP have already taken various measures to support the inflow of remittances into the country.