RECORDER REPORT
KARACHI: Overseas Pakistani workers remitted over $18 billion in the first eleven months (July-May) of this fiscal year (FY18).
According to the State Bank of Pakistan (SBP), Pakistanis received home remittances amounting to $18.028 billion in the first eleven months of FY18 compared with $17.511 billion arrived during the same period in the preceding year, showing a growth of 3 percent or $517 million.
Month-on-month basis, during May 2018, the inflow of workers’ remittances amounted to $1.77 billion, which is 7.30 percent higher than April 2018 and 5 percent lower than May 2017. Some $1.65 billion arrived in April 2018 and some $1.867 billion in May 2017.
The detailed analysis revealed among three major corridors, inflows from UK and USA posted some surge, while home remittances from Saudi Arabia moved down during the period under review.
Workers’ remittances from Saudi Arabia fell by 10 percent to $4.522 billion in first 11 months of this fiscal year compared to $5.032 billion in the same period of last fiscal year. Despite some decline, Saudi Arabia is still the largest contributor to home remittances.
Similarly, inflows from USA increased to $2.465 billion in July-May of FY18 against $2.187 billion in the corresponding period of last fiscal year, showing an increase of 13 percent. With 20.50 percent surge, inflow from UK stood at $2.517 billion in the first eleven months of this fiscal year up from $2.089 billion in the same period of last fiscal year.
The country-wise details for May 2018 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $432.05 million, $369.92 million, $276.55 million, $254.31 million, $178.96 million and $60.31 million, respectively compared with the inflows of $514.5 million, $426.68 million, $248.88 million, $239.2 million, $209.95 million and $51.2 million, respectively in May 2017.
Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during May 2018 amounted to $316.77million together against $271.79 million received in May 2017.
