Remittances up by 10% in six months - Zameen News

Remittances up by 10% in six months

January 12, 2019 • news

Karachi: Remittances witnessed a surge of 10% to USD 10.718 billion during the first six months of the current fiscal year – a news source reported.

According to the State Bank, remittances during the same period in the last fiscal year amounted to USD 9.744 billion. It said that cash inflows in December 2018 decreased by 1.9% to USD 1,690.18 million. The previous figure for year-on-year basis stood at USD 1,723.57 million.

Read: CDA to refund USD 29 mn to overseas Pakistanis

Furthermore, remittances by overseas Pakistanis also increased by 5%, or USD 82 million, on a monthly basis.

Saudi Arabia topped the list of biggest inflows. Pakistani workers in the kingdom sent USD 2.567 billion in the first half of the current fiscal year. State Bank recorded an increase of 1.46% from last year’s USD 2.53 billion.

Read: More overseas Pakistanis contribute to dam fund

UAE came a close second, with recorded inflows of USD 2.292 billion. This is a 6.1% increase from last year, which saw inflows of USD 2.16 billion.

Overseas Pakistanis in Malaysia, United States, and United Kingdom also contributed heavily to the remittance register.