Workers remittances grow to $17 billion in nine months

Workers remittances grow to $17 billion in nine months

KARACHI: The inflows of remittances sent home by overseas Pakistanis increased by six percent during first nine months (July – March) 2019/2020, State Bank of Pakistan (SBP) said on Friday.

The workers’ remittances received during July – March 2019/2020 amounted to round $17 billion recording an increase $960.7 million or 6.0 percent over $16.031 billion remittances received during July – March 2018/2020.

Workers’ remittances during March 2020 amounted to $1,894.4 million recording an increase of $69.4 million or 3.8 percent over remittance received during previous month (February 2020 $1,825.0 million).

The remittances during March 2020 ($1,894.4 million) increased by $160.9 million or 9.3 percent over remittance received during corresponding month of FY-19 (US $ 1,733.5 million).

During March 2020, larger amounts of Workers’ Remittances are received from Saudi Arabia (US $ 452.3 million), UAE (US $ 420.4 million), USA (US $ 352.4 million) and UK (US $ 248.5 million) recording an increase of 7.2 percent, 8.6 percent, 5.5 percent for Saudi Arabia, UAE and USA respectively whereas a decrease of 2.0 from UK as compared to February 2020.

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