According to the latest figures of Pakistan Bureau of Statistics (PBS) foreign remittances from Saudi Arabia have increased by 4.75 percent over the first three quarters of the current fiscal year as compared to the same period last fiscal year.
According to data released by the State Bank of Pakistan in this regard, $3.925 million was transferred to Pakistan by Saudi-based Pakistanis from July 2019 to March 2020, an increase of 4.76 percent was recorded as compared to the same period last year. The percentage is higher, based in Saudi Arabia in the first three quarters of the last financial year the Pakistanis sent $3.747 million to the country.
According to statistics, Saudi Arabia-based Pakistanis saw a 7.17% increase in remittances in March as compared to February, with $421.99 million recorded by Saudi-based Pakistani workers in the month of February, in the month of March remittances from Arabia have been recorded at $452.27 million. As a result of the government’s efforts to encourage remittances from legal sources and measures taken in this regard, the remittances from overseas Pakistanis have increased by about 6 percent in the current fiscal year.