Overseas Pakistanis remit $18 billion in 11MFY18, up by 2.95%

Author: Staff Report

KARACHI: Overseas Pakistani workers remitted $18028.24 million in the first eleven months (July to May) of FY18, showing a growth of 2.95 % compared with US $17511.12 million received during the same period in the preceding year.

According to State Bank of Pakistan, during May2018, the inflow of worker’s remittances amounted to US $1771.24 million, which is 7.30% higher than April 2018 and 5.13%lower than May2017.

The country wise details for the month of May 2018 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to US $432.05 million, US $369.92 million, US $276.55 million, US $254.31 million, US $178.96 million and US $60.31 million respectively compared with the inflow of US $514.5 million, US$426.68 million, US $248.88 million, US $239.2 million, US $209.95 million and US$51.2 million respectively in May2017.

Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during May2018 amounted to US $316.77 million together as against US $271.79 million received in May 2017.

Published in Daily Times, June 12^th 2018.