|13 February, 2020

Remittances to Pakistan jump over 9% in January

Remittances during the July-January period of the current fiscal year amounted to $13.3bln

Passersby walk past an advertisement board with photos of Pakistani rupee at a money exchange along a sidewalk in Karachi, Pakistan June 11, 2018. Image used for illustrative purpose

Passersby walk past an advertisement board with photos of Pakistani rupee at a money exchange along a sidewalk in Karachi, Pakistan June 11, 2018. Image used for illustrative purpose

REUTERS/Akhtar Soomro

Total remittances to Pakistan jumped over nine per cent in January as Islamabad tries to attract more remittances from legal channels and become stiffer on anti-money laundering.

According to State Bank of Pakistan's latest data, remittances during January totalled $1.90 billion as compared to $1.744 billion in the corresponding month last year, an increase of $163.2 million or 9.3 per cent.

Remittances during the July-January period of the current fiscal year amounted to $13.3 billion as compared to $12.77 billion in the same period last fiscal year, an increase of $528.1 million or 4.1 per cent.

During January 2020, remittances received from Saudi Arabia fell 8.4 per cent to $433.4 million while Pakistani nationals in the UAE remitted $395.5 million, a decline of 7.5 per cent.

Remittances from the other major markets such as the USA and UK fell 6.3 per cent and 7.9 per cent to $335.1 million and $299.1 million, respectively.

The Pakistan Tehreek-e-Insaaf government is planning to launch a host of initiatives for overseas Pakistanis and their families in order to encourage them to remit more funds through legal channels.

Moreover, the State Bank of Pakistan also hiked payment limits against freelance services for an individual in computer and information systems and other freelance services from $5,000 per month to $25,000 in order to attract more foreign exchange.

"The enhancement in limit will facilitate freelancers to route greater value of funds through a more economical and efficient channel of home remittances and help in receiving foreign exchange flows through formal banking channels in the country. This would also enable freelancers to expand their business/ operations and engage new freelancers to join the workforce," the central bank said in its statement.

 

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