Remittance Inflows Show a Minor Improvement in September 2019

October 11, 2019 Off By Web Desk

Remittances sent by overseas Pakistanis have registered a growth of 3.4 percent to Rs. 1.74 billion in September as compared to August. The remittance inflows are 17.6% higher than in September 2018.

The country-wise details for the month of September 2019 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to US$ 420.88 million, US$ 363.34 million, US$ 281.91 million, US$ 264.89 million, US$ 162.77 million and US$ 53.20 million respectively.

In comparison the inflow of remittances from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries stood at US$ 360.16 million, US$ 308.13 million, US$ 240.49 million, US$ 216.75 million, US$ 134.49 million and US$ 41.14 million respectively in September 2018.

Remittances, in the first quarter of the financial year 2018-19 saw a modest decline of 1.43 percent compared with a similar period last year.

Overseas Pakistani workers remitted US$ 5.478 billion in the first three months (July to September) of FY20, as compared with US$ 5.557 billion received during the same period in the preceding year.

The decline in the remittances could be attributed to the seasonal drop and the global economic slowdown.

Source: Pro Pakistani