KARACHI: Overseas Pakistani workers remitted $20.19 billion in the first eleven months (July to May) of FY19, showing a growth of 10.42pc compared with $18.28 billion received during the same period of the preceding year.
During May 2019, the inflow of worker’s remittances amounted to $2.31 billion, which is 30.17pc higher than April 2019 and 28.36pc higher than May 2018.
The country-wise details for the month of May 2019 showed that inflows from Saudi Arabia, United Arab Emirates, United States of America, United Kingdom, GCC countries (Bahrain, Kuwait, Qatar and Oman) and European countries amounted to $493.73 million, $476.57 million, $346.81 million, $387.09 million, $237.76 million and $70.61 million respectively, as compared to the inflow of $432.05 million, $373.85 million, $290.26 million, $269.11 million, $178.96 million and $60.34 million received in May 2018.
Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during May 2019 amounted to $303.17 million together as against $199.51 million received in May 2018.
When Pakistanis remit substantial amount of USD to Pakistan plus earnings from exports proceeds than why is there a crunch of USD in Pakistan.
Is it because of USD spending on arms purchases for country defence or is it eaten up by our politicians.
We need to understand the USD inflows and outflows.