Confidence in PM’s policies boosts remittances by 15pc: Finance ministry

Remittances increased by 5.4pc during the first eight months of current fiscal year Remittances during February stood at $1,824.3 million

ISLAMABAD                 -               Spokesman for Finance Division, Omar Hamid Khan said that due to the growing confidence in Prime Minister Imran Khan Khan’s economic policies and the resurgence in economic activity, workers’ remittances in February increased by 15 percent.

In an tweet, the spokesman said that the remittances in February 2020 stood at $1.8 billion, which is an increase of 15 percent over February 2019.

In July to February (2019-20), the remittances rose to $15.1 billion, with growth of 5.4 percent compared to same period of the last fiscal year, he added.

It is pertinent to mention that the workers’ remittances increased by 5.4 percent during the first eight months of the current fiscal year, compared the corresponding period of last year, according to the latest data of State Bank of Pakistan (SBP).

The workers’ remittances received during July–February (2019-20) amounted to $ 15,126.5 million against the remittances of $ 14,355.8 million received during July-February (2018-19), showing an increase of $ 770.7 million.

On year-on-year basis, the remittances during February 2020 stood at $ 1,824.3 million, showing an increase of $ 242.6 million or 15.3 percent over remittance of $ 1,581.8 million received during corresponding month of last year.

However, on month-on-month basis, the workers’ remittances in February 2020 decreased by $ 83 million or 4.4 percent when compared to the remittance of $ 1,907.32 million received during previous month (January 2020).

During February 2020, larger amounts of workers’ remittances were received from Saudi Arabia ($ 421.96 million), UAE ($ 387.1 million), USA ($ 333.5 million) and UK ($ 253.5 million) recording a decrease of 2.6 percent, 2.1 percent, 0.5 percent and 15.2 percent respectively as compared to January 2020.

ePaper - Nawaiwaqt