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KARACHI: Remittances from overseas Pakistanis grew 15.14 per cent to $7.42 billion in first four months (July-October) of this fiscal year, from $6.44bn in the same period last fiscal year.

The inflows for October clocked in at $2bn – surging by 37.7pc month-on-month and 20.9pc year-on-year from $1.452 and $1.65bn, respectively.

Saudi Arabia was yet again the biggest source of remittances this month at $494.53 million, up 7.26pc, from $461.07m in same period last year. 4MFY19 figures from the kingdom stood at $1.76bn, higher by 4.05pc from $1.69bn.

United Arab Emirates came in second with $412m in October, jumping 23.5pc from $333.57m in corresponding period last year.

Remittances from USA amounted to $308m, UK $298.80m, Gulf Cooperation Council countries $198.3m and European Union $57.36m.

Among EU states (other than UK), Spain accounted for the largest inflow in October at $18.99m – soaring by 101pc – from $9.45 in corresponding period last year. Germany and Italy followed with $10.49m and $9.16m.

Meanwhile, overseas Pakistanis from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries collectively sent back $230.68m in October versus $137.83m in same month last year.

Published in Dawn, November 10th, 2018