AUG 12, 2018 (BE2C2): In a positive development, the remittances received from overseas Pakistanis rose markedly in July 2018 exceeding the average monthly figures for FY2018 and FY2017, according to data released by the central bank on Friday.
Remittances in the first month (July) of fiscal year 2019, went up 25.17% compared to $1.54 billion in the same month of previous year.
The inflows were also higher a month earlier — 21.03% — and more than the money remitted in June 2018.
Also, the July 2019 figure of $1.93 billion exceeds the average monthly remittances received in FY2018 and FY2017 — $1.635 billion and $1.613 billion respectively.
After being on a continuous decline, remittances from Saudi Arabia and the UAE – the two most important sources of remittances for Pakistan in the Gulf – surged likely due to upcoming Eidul Adha in late August coupled with Pak Rupee devaluation in recent months.
Both Middle Eastern countries combined have the largest number of overseas Pakistanis among the Pakistani Diaspora population worldwide — 9.5 million. Their combined remittances also exceed the rest with remittances from Saudi Arabia maintaining the traditional lead.
Inflows from Saudi Arabia amounted to $437.5 million in July 2018, up from $408.8 million in the same month of previous year. Inflows from the UAE amounted to $433.4 million, an increase of 29.5% compared to $334.6 million in the previous year.
Pakistanis in the US sent $280.3 million while those in the UK sent $277.5 million compared to $193.7 million and $199.2 million respectively.
According to official data, $19.623 billion and $19.351 billion were remitted by overseas Pakistanis in FY2018 and FY2017 respectively.