Remittances decline by 8.37pc to $3.73 billion in July – August

Remittances decline by 8.37pc to $3.73 billion in July – August

KARACHI: The inflows of workers’ remittances have declined by 8.37 percent to $3.73 billion during first two months (July – August) 2019/2020 as compared with $4.071 billion in the same months of the last fiscal year, State Bank of Pakistan (SBP) said on Friday.

The central bank said that overseas Pakistani workers remitted US$ 1,690.9 million in the August 2019 as compared with US$ 2039.3 million received during July 2019. This showed a decline of US$ of 348.4 million on month-on-month basis, reflecting the usual one-off post Eid-ul-Azha effect.

The country wise details for the month of August 2019 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to US$ 377.58 million, US$ 348.51 million, US$ 297.41 million, US$ 250.20 million, US$ 158.60 million and US$ 58.14 million respectively compared with the inflow of US$ 465.53 million, US$ 473.11 million, US$ 330.40 million, US$ 294.90 million, US$ 193.17 million and US$ 59.69 million respectively in August 2018.

Remittances received from Malaysia Norway, Switzerland, Australia, Canada, Japan and other countries during August 2019 amounted to US$ 200.42 million together as against US$ 272.62 million received in August 2018.

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