Remittances rise 13pc in first quarter.

Overseas Pakistani workers sent home 13% higher remittances in the first three months (July to September) of the current fiscal year 2018-19 following a significant recovery in international crude oil prices.

Around 10 million Pakistanis are working overseas while a majority of them are based in oil producing and exporting countries in the Gulf. Besides, a massive depreciation of the rupee and crackdown against hundi/hawala operators also encouraged expatriate workers to send remittances through proper banking channels.

The State Bank of Pakistan (SBP) reported that overseas Pakistani workers remitted $5.42 billion in the first three months of the current fiscal year 2018-19, a growth of 13.14% compared with $4.79 billion in the same period of preceding year.

During September 2018, the inflow of workers' remittances amounted to $1.45 billion, which was 12.25% higher than the same month last year, but 28.7% less than the previous...