ISLAMABAD: Ministry of Finance Spokesman Dr. Khaqan Hassan Najeeb has said that overseas Pakistani workers remitted $14.35 billion in the first eight months (July to February) of Fiscal Year 2019, showing a growth of 11.82 % compared with US $12.38 billion received during the same period in the preceding year.
He said that $14.35 billion are remitted by overseas Pakistanis during first eight months of current fiscal year.
He said during February 2019, the inflow of worker’s remittances amounted to US $1576.51 million, which is 9.56% lower than January 2019 and 8.71% higher than February 2018, central bank reported.
Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during February 2019 amounted to US $188.06 million together as against US $163.35 million received in February 2018.
Earlier Dr Khaqan Najeeb said the country was expecting to receive $ 21 billion foreign remittances during the current fiscal year.
A significant increase was expected in investment of the Pakistan Banao Certificates as about 4,000 applicants had so far got themselves registered for their purchase, Najeeb said in a statement issued here.
He said there would be no deduction on premature cash withdrawal of the certificates in rupee. The interest rate of the Pakistan Banao Certificates was higher as compared to the similar certificates introduced by other countries.
The spokesman said the decision with regard to extending last date for the purchase of certificates would be taken in June. Foreign remittance account was mandatory for purchase of the certificates, he added.
He said the funds generated through the certificates would be spent on development of infrastructure and social sectors.
