Home Business SBP receives $13.302bn workers’ remittances during July-Jan of 2019-20

SBP receives $13.302bn workers’ remittances during July-Jan of 2019-20

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SBP

KARACHI: The State Bank of Pakistan (SBP) has received an amount of Rs 13.302 billion in the head of workers remittances during July-January of the current fiscal year (2019-20), which is up by 4.1 per cent or $528.1 million compared to same period last year.

The remittances during January 2020 enhanced to $1.907 billion showing an increase of $163.2 million or 9.3 percent growth over remittance received during corresponding month.

On cumulative basis, the workers’ remittances received during Jul-Jan 2019-20 amounted to $13.302 billion recording an increase of $528.1 million or 4.1 percent over remittances received during Jul-Jan fiscal year 2018-19 ($12.774 million).

During January 2020, larger amounts of Workers’ Remittances received from Saudi Arabia, UAE, USA and UK with $433.4 million, $395.5 million, $335.1 million and $299.1 million recorded a decline of 8.4 percent, 7.5 percent, 6.3 percent and 7.9 percent respectively as compared to December 2019.