• Tuesday, November 12, 2019

Overseas Pakistanis remit $7.4 billion in first four months of FY19

Discussion in 'Pakistan Economy' started by RangeMaster, Nov 9, 2018.

  1. RangeMaster

    RangeMaster FULL MEMBER

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    KARACHI: Overseas Pakistani workers remitted $7419.98 million in the first four months (July to October) of FY19, compared with $6,444.46 million received during the same period in the preceding year.

    During October 2018, the inflow of worker’s remittances amounted to $2000.47 million, which is 37.7% higher than September 2018 and 20.9% higher than October 2017.

    The country wise details for the month of October 2018 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $494.53 million, $412 million, $308.78 million, $298.80 million, $198.30 million and $57.36 million respectively compared with the inflow of $461.07 million, $333.57 million, $215.64 million, $270.46 million, $184.76 million and $51.12 million respectively in October 2017.

    Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during October 2018 amounted to $230.68 million together as against $137.83 million received in October 2017.
     
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  2. Riz

    Riz SENIOR MEMBER

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    70% of Pakistanis in gulf countries still sending money from hundi hawala channels...
     
  3. bafxet

    bafxet FULL MEMBER

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    Increased foreign remittance coupled wirh fall in crude oil price. A rescue package from Saudi Arabia and a Yuan settlement facility from China.
    We don't need to go to IMF!!
     
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  4. Meengla

    Meengla SENIOR MEMBER

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    And yet... and yet... I can't still send $ to Pakistan through banking channels. I had my Xoom, Western Union accounts hacked and so don't want to go through such sites anymore. I used to be able to send via UBL and NBP north American operations before--until them bozos removed that facility.
     
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  5. itduzz

    itduzz FULL MEMBER

    New Recruit

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    How do you know?
     
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  6. GumNaam

    GumNaam SENIOR MEMBER

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    naya Pakistan. :pakistan:
     
  7. Syed1.

    Syed1. BANNED

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    1 billion increase in just 4 months.... onwards and upwards :cheers:
     
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  8. xyxmt

    xyxmt ELITE MEMBER

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    and 100% from Canada
    If I need to send money to Pakistan I go to this one money exchanger, give him CAD and his people in Pakistan deposit PKR in account in Pakistan, no other country in the world allows anyone to deposit money into someone else's account...This is why Pakistan is on FATF list
     
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  9. Hakikat ve Hikmet

    Hakikat ve Hikmet ELITE MEMBER

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    From the comments of some members, looks like only ~50% go through the legal channels!!! It means 50% don't get to the Pak coffers!!! Hopefully, they will come up with some strict mechanisms to drastically curb it....
     
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  10. omaromar

    omaromar FULL MEMBER

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    Pakistan needs some serious house cleaning when it comes to remittances. I agree with the post above. I am sure 100% of the Pakistanis in Canada send money to Pakistan through non-official means as mentioned.

    I would say it is even lesser than 50%.
     
  11. ziaulislam

    ziaulislam ELITE MEMBER

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    Probelm banks withhold money for months..there has to be law regarding this

    Western union/zoom etc works but is very expensive
     
  12. Yaseen1

    Yaseen1 SENIOR MEMBER

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    Interest rate should be zero it will discourage banks from witholding money
     
  13. ziaulislam

    ziaulislam ELITE MEMBER

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    It will also stop peoples from saving. So will bot work..why cant govt has laws and fine banks like in every other country
     
  14. Yaseen1

    Yaseen1 SENIOR MEMBER

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    It will not stop people from saving japan is example of this but people will invest in innovative and new types of businesses and it stimulates entrepreneurship instead of keeping money in banks which only favors bankers and wealth distribution not occurs in better way by keeping money in banks and also less jobs are created
     
  15. Pakistansdefender

    Pakistansdefender SENIOR MEMBER

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    Why don't you use standard chartered Bank. It is Avalible everywhere and very secure a d safe for online money transfer.
    It's was probably the 1st ever bank to Offer option of online shopping.
     
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