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Remittances surge 13% in first quarter

Remittances surge 13% in first quarter

KARACHI: Overseas Pakistani workers sent home 13% higher remittances in the first three months (July to September) of the current fiscal year 2018-19 following a significant recovery in international crude oil prices.

Around 10 million Pakistanis are working overseas while a majority of them are based in oil producing and exporting countries in the Gulf. Besides, a massive depreciation of the rupee and crackdown against hundi/hawala operators also encouraged expatriate workers to send remittances through proper banking channels.

The State Bank of Pakistan (SBP) reported that overseas Pakistani workers remitted $5.42 billion in the first three months of the current fiscal year 2018-19, a growth of 13.14% compared with $4.79 billion in the same period of preceding year.

During September 2018, the inflow of workers’ remittances amounted to $1.45 billion, which was 12.25% higher than the same month last year, but 28.7% less than the previous month, the SBP said.

Country-wise details for September show that inflows from Saudi Arabia, the UAE, USA, the UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $360.16 million, $301.15 million, $231.21 million, $203.08 million, $133.95 million and $41.1 million respectively compared with inflows of $308.05 million, $302.77 million, $171.9 million, $194.76 million, $141.02 million and $45.07 million respectively in September 2017.

Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during September 2018 amounted to $181.78 million as against $130.31 million received in September 2017.