Remittances remain steady despite COVID-19 crisis

Pakistan Today

KARACHI: Overseas Pakistani workers remitted $1,790.0 million in April 2020, a fall of $104.4 million or 5.5pc, when compared with $1,894.4 million worth of remittances received in March 2020, according to data released by the State Bank of Pakistan on Monday.

However, on a year-on-year basis, the remittances received in April 2020 rose 1.1 pc or $19.8 million when compared with $1,770.2 million received in April 2019.

Workers’ remittances received during the first ten months of the current fiscal year stood at $18,781.6million, an increase of 5.5pc or $980.6 million when compared with the $17,801.0 million received during the same period of last year.

When comparing remittances received during April 2020 and that received in March 2020, major countries witnessed a decrease, except for the USA.

Remittances received from Saudi Arabia, UAE, and the UK stood at $451.4 million, $358.8 million, and $226.6 million, respectively. This is a decrease of 0.2pc, 15.8pc, and 8.8pc, respectively, when compared to March 2020.

However, remittances from the USA stood at $401.9 million, a rise of 14pc when compared to March 2020.