|11 July, 2019

UAE Pakistanis top remittances in June; 2019 total pips target

Government is trying to increase remittances in order to improve foreign exchange reserves and meet the dollar shortfall

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

UAE - Pakistani expats in the UAE topped remittances for June, sending $356 million during the month, figures from the central bank showed.

Furthermore, it has been another strong year for remittances: Overseas Pakistanis sent $21.84 billion during the 2019 financial year, an increase of 9.7 per cent from last year's $19.91 billion, State Bank of Pakistan (SBP) data added.

The total is nearly $640 million or 3 per cent higher than the $21.2 billion target set by Prime Minister Imran Khan's government for the year. Islamabad is trying to increase remittances in order to improve foreign exchange reserves and meet the dollar shortfall.

According to the SBP's latest figures, remittances for June increased by 1.4 per cent to $1.65 billion compared to the same month in 2018. However, it fell 28.7 per cent month-on-month.

In June, Pakistanis living and working in the GCC remitted a total of $853.49 billion. Following the UAE are Saudi Arabia ($334 million), the US ($276.76 million), the UK ($268.97 million), other Gulf countries ($163.46 million) and various EU nations ($52.49 million).

Remittances from the UAE increased by $10.7 million in June.

SBP figures also showed that Malaysia, Norway, Switzerland, Australia, Canada and Japan were the other major markets for remittances last month.

 

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