Business

Overseas Pakistanis remitted over $11bn in first half of FY20

Overseas Pakistanis remitted over $11bn in first half of FY20

LAHORE – According to State Bank of Pakistan, Overseas Pakistani workers remitted US$ 11394.91 million in the first half (July to December) of FY20.

The remittances showed a growth of 3.31% compared with US$ 11030.01 million received during the same period in the preceding year.

During December 2019, the inflow of workers’ remittances amounted to US$ 2097.23 million, which is 15.25% higher than November 2019 and 20% higher than December 2018.

The country wise details for the month of December 2019 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to US$ 472.94 million, US$ 427.56 million, US$ 357.45 million, US$ 324.57 million, US$ 205.73 million and US$ 56.42 million respectively

In December 2018 Pakistani workers remitted US$ 414.59 million from Saudi Arabia, US$ 351.19 million from UAE, US$ 276.29 million from USA, US$ 267.79 million from UK, US$ 174.42 million from GCC countries and US$ 47.48 million from EU countries.

Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during December 2019 amounted to US$ 252.56 million together as against US$ 216.35 million received in December 2018.