KARACHI: overall inward remittances in FY19 clocked in at $21.841 billion, up 9 consistent with cent from FY19, in step with records posted by way of the kingdom bank of Pakistan on Wednesday.

The information showed that inflows from countries aside from the ones inside the center East were significantly better than the preceding 12 months considerably improving the united states of america’s foreign exchange reserves.

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among the gulf countries, maximum inflows got here from Saudi Arabia at $5bn up 2.97pc from the equal period final yr following improvement in bilateral relations among Riyadh and Islamabad.

moreover, inflows from america also grew highly by using 20.15pc to $three.409bn in comparison to FY19.

The boom in remittances from the united states comes in spite of worsening relationship among Islamabad and Washington.

on the other hand, remittances from the UK additionally grew with the aid of 17.9pc as remote places Pakistanis despatched $3.44bn into the us of a.

furthermore, remittances from the United Arab Emirates grew with the aid of five.98pc in FY19 compared to simply 0.7pc within the FY18 as total inflows clocked in at $4.619bn.

collectively, inflows from the GCC countries notwithstanding improving in the course of the period underneath assessment confirmed poor growth after general remittances clocked in at $2.119bn posting terrible growth of 1.8pc as compared to 7pc in FY18.

Malaysia has emerged as some other crucial destination for remittances in to the country as inflows at some point of FY19 elevated by using 35pc to $1.551bn.

however, on a month-on-month basis, inflows during June declined to $1.65bn in comparison to $2.315bn in may also falling by using 28pc.

posted in , July 11th, 2019