Record 5.3 Billion Remitted in just 3 months from overseas

[AZADPAKISTAN2009]

https://nation.com.pk/12-Oct-2018/remittances-increase-13pc-to-5-4b-in-q1

ISLAMABAD - Foreign remittances sent by overseas Pakistanis have increased 13 percent to 5.4 billion US dollars in the first quarter of the 2018-2019 fiscal year (July 1-June 30) from the previous year, according to figures released by the State Bank of Pakistan (SBP) on Thursday.

The SBP reported that overseas Pakistani workers remitted 5.419 billion dollars during the period from July 2017 to September 2018, up 629 million dollars.


Inflows from Saudi Arabia were the largest source of remittances. They amounted to 1.263 billion dollars in the first three months of the current fiscal year, up 2.9 percent as compared to 1.228 billion dollars in the corresponding period of last fiscal year. The highest rise in remittances was seen from Britain, which climbed 32.3 percent to 828.4 million dollars against 626 million dollars in the same period of last fiscal year.

During the period under review, inflows from the United States rose to 759.4 million dollars, depicting an increase of 18 percent. Among the three major corridors of home remittances, Saudi Arabia is still the largest contributor to remittances inflows into Pakistan, despite lower growth compared to Britain and the United States.

Local economists believed that the rise in remittances in the first three months of current fiscal year is a positive sign for the incumbent government as it can play a key role in reducing the country's current account deficit.

 

[Yaseen1]

this is good but why foreign reserves are decreasing in the presence of this increase

 

[Sully3]

UK Pakistanis should really be sending more then a Billion dollars a year

 

[AZADPAKISTAN2009]

this is good but why foreign reserves are decreasing in the presence of this increase

Country to should cancel the Licence of small foreign exchange companies and force people to do all transactions by Banks

However as it has been identified in latest reports Banks have identified , certain accounts with large funds in them , while the account owner is not aware of their existence. So Pakistan needs to revisit this area and improve on our process

 

[ziaulislam]

this is good but why foreign reserves are decreasing in the presence of this increase

Because the CAD is 18 billion dollars...so unless there is 100% increase in remittances it wont matter

 

[Yaseen1]

but it should be improved little bit as exports also increased and imports decreased in last 2 months

Because the CAD is 18 billion dollars...so unless there is 100% increase in remittances it wont matter

 

[KAMDEV]

https://nation.com.pk/12-Oct-2018/remittances-increase-13pc-to-5-4b-in-q1

ISLAMABAD - Foreign remittances sent by overseas Pakistanis have increased 13 percent to 5.4 billion US dollars in the first quarter of the 2018-2019 fiscal year (July 1-June 30) from the previous year, according to figures released by the State Bank of Pakistan (SBP) on Thursday.

The SBP reported that overseas Pakistani workers remitted 5.419 billion dollars during the period from July 2017 to September 2018, up 629 million dollars.


Inflows from Saudi Arabia were the largest source of remittances. They amounted to 1.263 billion dollars in the first three months of the current fiscal year, up 2.9 percent as compared to 1.228 billion dollars in the corresponding period of last fiscal year. The highest rise in remittances was seen from Britain, which climbed 32.3 percent to 828.4 million dollars against 626 million dollars in the same period of last fiscal year.

During the period under review, inflows from the United States rose to 759.4 million dollars, depicting an increase of 18 percent. Among the three major corridors of home remittances, Saudi Arabia is still the largest contributor to remittances inflows into Pakistan, despite lower growth compared to Britain and the United States.

Local economists believed that the rise in remittances in the first three months of current fiscal year is a positive sign for the incumbent government as it can play a key role in reducing the country's current account deficit.

Very good show by pakistanis .

 

[SSGcommandoPAK]

I think we saw this increase because of the PM Imran Khan dam fund raising campaign,overseas Pakistani's sent huge donations,still I think this year Remittance will around 21-22bn USD,compared to last years 19.6bn USD. What do you guys think ?

 

[AZADPAKISTAN2009]

In 12 Months likely we will be around 18-19 Billion Mark

If our government curbs down the Massive Import Orders , we should be able to see some change in deficit

Any Tax Reform or Price Adjustment would be a step in correct direction

 

[SSGcommandoPAK]

In 12 Months likely we will be around 18-19 Billion Mark

That's disappointing cause last year we were at 19.6bn USD, we should see some kind of increase.

 

[Vijyes Yechury]

but it should be improved little bit as exports also increased and imports decreased in last 2 months

Last year Pakistan got $20 billion in remittance which comes to about $1.65 billion per month. So, new figure is very little increase, say 5%. The CAD is about $18 billion. This means the reserves of Pakistan will deplete by $1.5 billion a month. Even with small hike in net exports (Export - Import) and small increase in remittance, the net decline of forex will still be over $1billion. Only way is to get investments into the country and hence secure foreign exchange

 

[BetterPakistan]

Good. Remittances will increase more because Govt is cracking down on hundi/hawala operators and Govt is going to ease the process of sending remittance plus govt will reduce charges on it too.