Remittances from Pakistanis working in four Gulf Cooperation Council (GCC) countries increased on a monthly basis in September. According to the data released by the State Bank of Pakistan, Pakistanis working in Bahrain, Kuwait, Qatar, and Oman sent $248.1 million in remittances to Pakistan in September, up 1.38% from August. In August, Pakistanis working in these countries sent $244.7 million in remittances to Pakistan. In September last year, Pakistanis working in these GCC countries sent $296.7 million in remittances to Pakistan.

According to the report, Pakistanis working in Bahrain remitted $33.4 million, Pakistanis working in Kuwait remitted $64.7 million, Pakistanis working in Qatar remitted $70.7 million, and Pakistanis working in Oman remitted $79.2 million in remittances to Pakistan in September.In the first quarter of the current fiscal year, Pakistanis working in these GCC countries sent a total of $721.1 million in remittances to Pakistan, which is 18.2% less than the same period of the previous fiscal year. Pakistanis working in Bahrain, Kuwait, Qatar, and Oman remitted $881.8 million in remittances to Pakistan in the first quarter of last fiscal year.

 The increase in remittances from Pakistanis in GCC countries in September is a positive development for the Pakistani economy, as remittances are a major source of foreign exchange reserves and help to support the Pakistani rupee. The decline in remittances in the first quarter of the current fiscal year is likely due to a number of factors, including the global economic slowdown and the COVID-19 pandemic.

 
Credit: Independent News Pakistan (INP)