Betterment of remittances into Pakistan.

Byline: S. Kamal Hayder Kazmi

Statistics showed that during November 2019, overseas Pakistani workers sent $1.81 billion as 9.35 percent higher remittances, which helped improve the country's ability to make import payments and repay foreign debt. In the same month of the previous year, remittances stood at $1.66 billion, the State Bank of Pakistan (SBP) announced. For a very long time, remittances have existed. Despite the fact, remittances have become a big trend of international financial transfer in these current years.

For many initiatives in developing countries, remittances are becoming a primary source of funding. It has been explained in various ways such as monetary payments transferred between people or organizations. Remittances have also been urged as transfer of money from family members to recipients in other countries. Different sources mentioned remittances as the accounting concept of monetary payment transferred by a customer to a business.

Month-Wise Workers' Remittances (Million US Dollar)

##YoY growth (%)

Monthly Cash Inflow (including FEBCs and FCBCs)###FY20###FY19###FY18###FY20###FY19

July###2,039.30 1,981.73###1,555.65###2.9###27.39

August###1,690.87 2,089.41###1,975.04###-19.07 5.79

September###1,747.95 1,486.47###1,314.10###17.59###13.12

October###2,000.80 2,060.28###1,677.02###-2.89###22.85

November###1,819.66 1,664.04###1,596.47###9.35###4.23

December###A###1,748.09###1,745.75###A###0.13

January###A###1,744.08###1,662.25###A###4.92

February###A###1,581.77###1,473.07###A###7.38

March###A###1,743.32###1,803.60###A###-3.34

April###A###1,779.98###1,678.87###A###6.02

May###A###2,313.73###1,804.08###A###28.25

June###A###1,645.71###1,627.65###A###1.11

Jul-Jun###A###21,838.60 19,913.55###A###9.67

Monthly average###1,859.71 1,819.88###1,659.46###2.19###9.67

In Pakistan, improved inflows in the month improved the overall remittances attained in the first five months (Jul-November 2019) of the current fiscal year to $9.29 billion, which was slightly better as against to $9.28 billion in the same period of the last year. Statistics showed that remittances were moderately low in the first few months of the current FY20. However, November has covered the gap for the first five months.

Overseas Pakistani workers remitted $9,298.57 million in the first five months of FY20, as against to $9,281.94 million in the corresponding period of the preceding year. The experts calculated that remittances for the full fiscal year may end...