Foreign remittances up 8.74% in 9 months to 16.1 bn

ISLAMABAD: Overseas Pakistani workers remitted US $16096.33 million in the first nine months (July to March) of FY18, showing a growth of 8.74% compared with US $14802.96 million received during the same period in the preceding year.

During March 2019, the inflow of worker’s remittances amounted to US $1745.80 million, which is 10.73% higher than February 2019 and 3.20% lower than March 2018, says a statement issued by the State Bank of Pakistan on Wednesday.

The country-wise details for the month of March 2019 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to US $405.87 million, $378.14 million, $271.11 million, $281.26 million, $167.80 million and $44.20 million, respectively compared with the inflow of US $427.62 million, $424.89 million, $247.17 million, $258.96 million, $183.79 million and $58.91 million, respectively in March 2018.

Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during March 2019, amounted to $197.41 million together as against $202.26 million received in March 2018.