The remittances sent by Pakistani-Americans jumped 23.58 percent to $2.516 billion during the first nine months of the 2019 fiscal year.
The State Bank of Pakistan data shows that overseas Pakistanis sent $15.096 billion in the first nine months of the fiscal year from July to March – roughly the time Prime Minister Imran Khan has been in charge of the government.
The remittances from Pakistanis living in foreign countries are expected to cross $20.00 billion.
Remittances sent by Pakistani overseas workers have become a mainstay in building foreign exchange reserves that offset the trade gap.
“Remittances flows are likely to support growth and the current account balance next year,” the World Bank said while noting a slowdown in the Pakistani economy.
So far, the total remittances inflow reflects an increase of 8.74 percent, compared to $14.802 billion in the same period last fiscal year.
On a month-on-month basis, inflows during March 2019 stood at $1.745 billion against $1.803 billion in the corresponding month of 2018.
A major part of remittances originated from Saudi Arabia with $3.747 billion during the period, compared to $3.690 billion last year.
Pakistanis based in the United Kingdom remitted $2.475 billion in July-March FY19, bigger than the amount sent last year.
Meanwhile, Malaysia has also become a major sources of remittances with $1.138 billion in July-March, 38.82 percent more than last year.
