- Continued increase in remittance supporting External Account of the Country
- Saudi Arabia, UAE largest contributor in remittance
As per State Bank of Pakistan report, Remittances inflows for the period July’18 to June’19 clocked in at US$21.84 billion, which is 9% higher as compared to last year.
The data shows that Remittances were higher from Countries outside the Middle East. However, the largest inflows were still from Gulf countries where significant Overseas Pakistanis reside.
Highest Inflows were received from Saudi Arabia ($5 Billion), followed by UAE ($4.6 Billion), UK ($3.41 Billion) and USA ($3.4 Billion).
Around 7%YoY decline was witnessed in remittances from European Countries excluding the United Kingdom which witnessed an increase of 18%YoY.
A surprise increase was witnessed in remittances from Malaysia which increased by 35% to $1.55 Billion.
Around 83% remittances came from Five countries which include Saudi Arabia, UAE, UK, USA and Malaysia.
Million US Dollar