Remittances to Pakistan Grow to $19.62 Billion in FY 2017-18

The support by overseas Pakistan has been traditionally vital for the economy and it continued with a growth of 1.4 percent in the financial year 2017-18 compared with to the last financial year. According to State Bank of Pakistan (SBP), overseas Pakistani workers remitted $19.622 billion during FY18,  showing a growth of 1.4% compared to $19.351 billion received during the same period in the preceding year. In June 2018, the inflow of workers’ remittances amounted to $1.594 billion, compared to $1.77 billion during May 2018. The country-wise details for the month of June 2018 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar, and Oman) and EU countries amounted to $336.61 million, $340.55 million, $248.79 million, $245.10 million, $163.53 million and $62.14 million respectively compared with the inflow of $438.07 million, $414.25 million, $265.52 million, $252.50 million, $232.89 million and $56.97 million respectively in June 2017. Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during June 2018 amounted to $197.69 million together against $180.04 million received in June 2017.