Foreign Remittances Drop $79million In First Three Months Of FY2020

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Foreign Remittances Drop $79million In First Three Months Of FY2020

By Sadiq Saleem

The State Bank of Pakistan (SBP) has announced that the overseas Pakistani employees remitted $5,478.11m in the first three months (July to September) of the fiscal year 2019-20 (FY20), in contrast with $5,557.61m inflows during the same period of the previous year.

The total remittances inflow had amounted to $1,747.95m in September 2019, which is 3.4% higher than August 2019 and 17.6% higher than September 2018.

The country-wise details for the month of September 2019 indicate that net arrivals from Saudi Arabia, USA, UK, UAE, GCC countries (Bahrain, Kuwait, Qatar and Oman) and EU nations had been amounted to $420.88m, $363.34m, $281.91m, $264.89m, $162.77m and $53.20m respectively, in contrast with the net arrival of $360.16m, $308.13m, $240.49m, $216.75m, $134.49m and $41.14m respectively in the September 2018 previous year.

The total remittances inflow from Malaysia, Norway, Switzerland, Australia, Canada, Japan, and other countries during September 2019 had amounted to $200.95m as compared to $185.31m obtained in September 2018.

 

Sadiq Saleem is a Web Developer, Blogger and Digital Marketing Expert with a passion to write for Technology, Business, Career, and Education

 

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