KARACHI: Pakistan’s remittances rose by 9.35 per cent to $1.819bn during November, from $1.664bn in corresponding month of FY19, reported the State Bank of Pakistan on Tuesday.
However, on a monthly basis, foreign inflows declined by 9.05pc — or $181m — compared to October this year, when the figure stood at $2bn.
Similarly, remittances during the first five months of this fiscal year edged up by 0.18pc as foreign inflows to the country clocked in at $9.298 billion, as compared to $9.282bn in corresponding period last year.
Saudi Arabia, the biggest source of foreign inflows, exhibited a minor decline as remittances edged lower by 0.36pc to $2.145bn during July-November, as opposed to $2.152bn in 5MFY19.
Meanwhile, the growth in remittances from the US and UK decelerated in 5MFY20 to 5.25pc and 3.58pc, from 33.07pc and 18.05pc.
Inflows inched up by only 0.18pc during 5MFY20
Inflows from the US reached $1.532bn, versus $1.456bn in July-November of FY19. Similarly, the UK recorded remittances of $1.428bn, down from $1.379bn in corresponding five-month period last year.
Meanwhile, the remittances from the United Arab Emirates came in second, noting a decline of 3.7pc as the total fell to $1.921bn, decreasing from $1.997bn in the five months of 2018-19. During the same period of last year, a 13pc growth was posted.
The disappointing figures from the top-four destinations came on the back of both yearly and monthly declines in November figures, where remittances fell to $407.48m from Saudi Arabia, versus $468.18m in October; $298.64m from the US, compared to $322.38m; $383.7m from the UAE, as opposed to $398.96m; and $285.56m from the UK, versus $328.69m.
A modest increase was seen from the other Gulf Cooperation Council countries as foreign inflows inched up by 0.28pc to reach $883.45m during July-November FY20, versus $881.34m in corresponding months last year.
Similarly, inflows from Malaysia increased by an insignificant 0.96pc to $664.03m, from $658.04m. The same figure had shown a massive growth of 64pc compared to same period of 2017-18.
Published in Dawn, December 11th, 2019