Remittances surge by 12pc to $14.35 billion in eight months

KARACHI: The inflows of home remittances surged by 12 percent to $14.35 billion during first eight months (July – February) of current fiscal year, State Bank of Pakistan (SBP) said on Monday.

Overseas Pakistani workers remitted $14.35 billion in the first eight months (July to February) of FY19, showing a growth of 11.82 percent compared with $12.83 billion received during the same period in the preceding year.

During February 2019, the inflow of worker’s remittances amounted to $1576.51 million, which is 9.56 percent lower than January 2019 and 8.71 percent higher than February 2018.

The country wise details for the month of February 2019 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $370.04 million, $335.66 million, $240.80 million, $251.99 million, $152.25 million and $37.71 million respectively compared with the inflow of $348.31 million, $332.18 million, $207.27 million, $201.01 million, $149.4 million and $48.65 million respectively in February 2018.

Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during February 2019 amounted to $188.06 million together as against $163.35 million received in February 2018.

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