Remittances for current fiscal year increase by 8.45 percent to $17.875 billion

Rawalpindi: Adviser to PM on Finance, Revenue and Economic Affairs Dr Hafeez Shaikh, presented the Economic Survey 2018-19. It reveals that the total remittances have increased by 8.45 percent in the first 10 months of the current financial year. This is a raise from $17.875 billion to $16.482 billion.

Majority of the remittances have been coming in from Saudi Arabia at $4.175 billion, UAE $3.787 billion, USA $2.786 billion, UK $2.756 billion, Malaysia $1.263 billion, EU $485.89 million, and other GCC countries sending a remittance of $1.718 billion.

However remittances during July-April fiscal year 2019 have declined by 9.28 percent from EU countries and 5.40 percent from other GCC countries. Remittances however have been seen to increase from Saudi Arabia by 2.08 percent, USA by 21.82 percent and UK by 16.59 percent.

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