Remittances Inflows Drop by 19% in November

Remittances sent by overseas Pakistan from various countries dropped by 19.58 per cent in November as compared with October. According to the State Bank of Pakistan (SBP), the inflows of workers’ remittances amounted to 1.6 billion in November compared to over $2 billion sent in October. The country-wise details for the month of November 2018 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to US$395.12 million, US$343.21million, US$255.78million, US$228.19million, US$151.37million and US$42.18million, respectively compared with the inflow of US$409.52million, US$352.64million, US$204.28million, US$213.47million, US$191.83million and US$49.06million respectively in November 2017. Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during November 2018 amounted to US$192.74 million together as against US$155.92 million received in November 2017. Overseas Pakistani workers remitted $9.028 million in the first five months (July to November) of FY19, showing a growth of 12.56 percent as compared to $8.021 million received during the same period in the preceding year.