KARACHI: The State Bank of Pakistan (SBP) received the workers’ remittances of $19.622 billion in the last fiscal year (2017-18), up by 1.4 per cent when compared to the last fiscal year.
Total remittances had previously declined by 2.84 per cent in the fiscal year 2017 compared to the fiscal year 2016 and the latest figure still falls short by $294 million over the inflows during the fiscal year 2016.
Remittances coming in during the month of June 2018 were recorded at $1.59 billion, a decrease of about 10 per cent when compared with the $1.77 billion received in the previous month of May.
In June 2018, the inflow of worker’s remittances amounted to $1.594 billion, which is down 11.23 per cent compared to June 2017 and 9.9 per cent down to May 2018.
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 million, $248.79 million, $245.15 million, $163.53 million and $62.14 million respectively, compared with the inflow of $432.05 million, $369.92 million, $276.55 million, $253.31 million, $178.96 million and $60.31 million respectively in May 2018.
Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during June 2018 amounted to $197.69 million compared to $199.11 million received in May 2018.