Remittances drop 9.9pc to $1.9bn in Jan

KARACHI: Overseas Pakistani workers remitted $1.9 billion in the month of January 2020, a drop of 9.9pc when compared with $2.09 billion worth remittances received in December 2019.

However, when compared with the $1.744 billion received in Jan last year, remittances increased by 9.3pc or $163.2 million in Jan 2020.

According to data released by the State Bank of Pakistan, workers' remittances received during the first seven months of FY20 amounted to a cumulative total of $13.3 billion.

This is an increase of 4.1pc, or $528.1 million, over remittances received during July-January FY19, which stood at $12.74 billion.

When comparing remittances received during January 2020 and that received in December 2019, almost all countries witnessed a decline.

Remittances received from Saudi Arabia, UAE, USA and UK stood at $433.4 million, $395.5 million, $335.1 million and $299.1 million, respectively.

This is a decline of 8.4pc, 7.5pc, 6.3pc and 7.9pc respectively, as compared to December 2019.

Remittances from GCC countries (including Bahrain, Kuwait, Qatar, and Oman) and EU countries for the month of January stood at $185.86 million and $47.22 million. This is a decline of 9.6pc and 16.3pc, respectively, as compared to December 2019.