KARACHI: The workers’ remittances received during July – February 2019/2020 amounted to $15.126 billion recording an increase $770.7 million or 5.4 percent over remittances received during July – February FY19 ($ 14,355.8 million), State Bank of Pakistan (SBP) said on Tuesday.
Workers’ remittances during February 2020 amounted to $ 1,824.3 million recording a decrease of $ 83 million or 4.4 percent over remittance received during previous month (January 2020 $ 1,907.32 million).
The remittances during February 2020 ($ 1,824.3 million) increased by $ 242.6 million or 15.3 percent over remittance received during corresponding month of FY 19 ($ 1,581.8 million).
During February 2020, larger amounts of Workers’ Remittances are received from Saudi Arabia ($ 421.96 million), UAE ($ 387.1 million), USA ($ 333.5 million) and UK ($ 253.5 million) recording a decrease of 2.6 percent, 2.1 percent, 0.5 percent and 15.2 percent respectively as compared to January 2020.
According to State Bank of Pakistan, in cumulative terms, remittances from Gulf Cooperation Council (GCC) countries remained the largest source, reflecting continued reliance on overseas Pakistani workers living abroad. Analysts noted that despite monthly fluctuations, steady inflows helped support foreign exchange reserves and ease pressure on the current account during the fiscal period under review.