Remittances up 10.42pc to $20.19bln in July-May

KARACHI: Remittances from overseas workers rose 10.42 percent to $20.190 billion in 11 months of the current fiscal year, compared to $18.285 billion in the same period of last year, State Bank of Pakistan (SBP) data showed on Friday.

In May 2019, remittances stood at $2.315 billion -30.17 percent higher than April 2019 and 28.36 percent higher than May 2018.

SBP figures presernted most of the remittances came in from the UK followed by the USA and United Arab Emirates (UAE).

The UK emerged as a top-sending country with a total of $3.142 billion in July-May FY19, compared with $2.632 billion a year ago.

Migrant workers in the US sent home $3.133 billion in July-May FY19, compared with $2.577billion in the corresponding period last year.

The SBP’s data showed that remittances from the Gulf Cooperation Council (GCC) and Saudi Arabia saw nominal growth during the 11 months of current fiscal year. Remittances from the UAE rose 6.23 percent to $4.263 billion. The country received $4.669 billion from Saudi Arabia in July-May, compared with $4.522 billion last year.

Analysts expect the growth in remittances to remain in the ‘high single digits’ in the coming months as Saudi Arabia and the Gulf region faces an economic slowdown.