Remittances drop $79m in three months FY20

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KARACHI: The State Bank of Pakistan (SBP) has said that the overseas Pakistani workers remitted $5,478.11 million in the first three months (July to September) of the fiscal year 2019-20 (FY20), compared with $5,557.61 million received during the same period of the preceding year.

During September 2019, the inflow of workers remittances amounted to $1,747.95 million, which is 3.4pc higher than August 2019 and 17.6pc higher than September 2018.

The country-wise details for the month of September 2019 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $420.88 million, $363.34 million, $281.91 million, $264.89 million, $162.77 million and $53.20 million respectively, compared with the inflow of $360.16 million, $308.13 million, $240.49 million, $216.75 million, $134.49 million and $41.14 million respectively in September 2018.

Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during September 2019 amounted to $200.95 million together as against $185.31 million received in September 2018.

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