Remittances up by 31% during first two months of fiscal year: PM Imran

Remittances of $2,095 million were received in August, says premier

Prime Minister Imran Khan on Monday said remittances received by the country have increased by 31% during the first two months of the fiscal year as compared to the same period last year.

Praising overseas Pakistanis, the premier said remittances of $2,095 million were received in August, which is an increase of 24.4%.

Overseas Pakistanis sent $2,095 million in remittances in Aug 2020 -- 24.4% higher than Aug. last year -- in addition to the record $2,768 million in July 2020. For the first two months of this fiscal year our remittances are up 31% over the same period last year. Alhamdulillah

— Imran Khan (@ImranKhanPTI) September 14, 2020

Earlier in July, the premier said remittances flowing into Pakistan reached $2,768 million in July 2020 – the highest ever amount in one month in the history of Pakistan.

The country-wise breakup of the remittances showed that the highest amount – $821.55 million – in July came from Saudi Arabia followed by $538.19 million from the United Arab Emirates (UAE). In June 2020, the remittances from Saudi Arabia and the UAE were $619.43 million and $431.68, respectively.

According to the State Bank of Pakistan (SBP) statistics, overseas Pakistanis remitted $443.13 million from Dubai, $393.91 million from the United Kingdom, $250.6 million from the US, $88.29 million from Abu Dhabi and $4.69 million from Sharjah in July.

The remittances from other Gulf countries were recorded at $296.95 million, including $42,62 million from Bahrain, $69.83 million from Kuwait, $82.49 million from Qatar and $102 million from Oman. The SBP data, however. Showed a major decline in the remittances from US to $250.6 million in July from $451 million in June.

The remittances received from the European countries last month were $227.57 million. They included Germany $35.34 million, France $32.99 million, The Netherlands $4.5 million, Spain $38.9 million, Italy $49.46 million, Greece $20.01 million, Sweden $4.85 million, Denmark $6 million, Ireland $12.25 million, and Belgium $23,27 million.

Pakistan received $22.25 million from Malaysia, $10.91 million from Norway, $2.83 million from Switzerland, $52.11 million from Australia, $43.13 million from Canada and $9.31 million from Japan. The SBP stated that $98.82m were received from other countries, making it to a total of $2,768.13 million in July 2020. In June 2020, the total remittances received from these countries were $2,466.28 million.