Remittances jump 10pc to $20bn in July-May

Updated June 15, 2019

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Malaysia emerged as the biggest source of inflows with $1.438bn, a jump of 37pc from the same period last year.  — AFP/File
Malaysia emerged as the biggest source of inflows with $1.438bn, a jump of 37pc from the same period last year. — AFP/File

KARACHI: Pakistan received $20.19 billion remittances during July-May FY19, reflecting an increase of 10.4 per cent compared to the same period of last fiscal.

Malaysia emerged as the biggest source of inflows with $1.438bn, a jump of 37pc from the same period last year.

In terms of amount, United Arab Emirates appeared as the second biggest destination for remittances. Overseas Pakistanis sent $4.263bn from UAE during the 11 months, charting growth of 6.2pc.

Remittances from Saudi Arabia were up to $4.669bn, an increase of 3.2pc against the remittances received in the same period of last fiscal.

A big increase was noted from the United States as remittances jumped by 21.5pc to $3.133bn compared to last fiscal year.

Similarly, inflows from UK also noted a big increase of 19.3pc to $3.14bn during the first 11 months of the current fiscal compared to last fiscal.

Pakistan received $1.955bn from GCC countries but the growth was negative as it fell by 1.96pc during this period compared to the same period of last fiscal.

Similarly, remittances from EU countries also noted a negative growth of 6.6pc while the country received $556 million during this period.

Published in Dawn, June 15th, 2019