Saudi Arabia remains largest source of remittances to Pakistan

Pakistani workers remitted $16.096 billion in fiscal year 2019, a growth of 8.74 percent from last year, according to data released by the State Bank of Pakistan on Wednesday. (Reuters)
Updated 12 April 2019
0

Saudi Arabia remains largest source of remittances to Pakistan

  • Pakistan central bank data shows Pakistanis in Saudi Arabia remitted $3.74 billion in first 9 months of 2019 compared to $4.9 billion last year
  • Overall, Pakistani workers remitted $16.096 billion in fiscal year 2019, a growth of 8.74 percent from last year

KARACHI: Saudi Arabia remains the largest source of remittances to Pakistan, data released by the Pakistani central bank showed on Wednesday, even though the amount of funds flowing in from the Kingdom dropped from $4.9 billion last year to $3.74 billion during the first 9 months of fiscal year 2019.
Overall, overseas Pakistani workers remitted $16.096 billion in the first nine months of fiscal year 2019, an increase of 8.74 percent compared with $14.80 billion received during the same period last year.
The combined contribution of Saudi Arabia, the United Arab Emirates and Gulf Cooperation Countries to total Pakistani remittances was 57 percent in fiscal year 2018. This dropped to 54.1 percent or $8.69 billion this year.
In March 2019, inflows from Saudi Arabia, the UAE, the US, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and European Union countries amounted to $405.87 million, $378.14 million, $271.11 million, $281.26 million, $167.80 million and $44.20 million respectively compared to March 2018 inflows of $427.62 million, $424.89 million, $247.17 million, $258.96 million, $183.79 million and $58.91 million.
After Saudi Arabia, the UAE is the second largest labor market for Pakistan. Other major contributions come from the United States where workers sent back $2.5 billion, and the United Kingdom, which remitted $2.47 billion.
“Economic turnaround in the US and the UK in the recent past resulted in declining unemployment and rising wages, and both factors contributed to a sharp rise in remittances from these countries,” the central bank report said.
Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during March 2019 totalled $197.41 million against $202.26 million received in March 2018.


Mideast tensions push oil prices toward biggest weekly gain in months

Updated 20 September 2019

Mideast tensions push oil prices toward biggest weekly gain in months

  • Saudi-led coalition launches military operation north of Yemen’s port city of Hodeidah
  • Global markets are also keeping an eye on US-China trade negotiations in Washington

SINGAPORE: Oil prices were on track to jump more than 7 percent this week, their biggest weekly rise in months, as early trading on Friday saw gains extended on fresh Middle East tensions after a key Saudi Arabian supply hub was knocked out in an attack last weekend.
A Saudi-led coalition launched a military operation north of Yemen’s port city of Hodeidah, as the United States worked with Middle East and European nations to build a coalition to deter Iranian threats after the Saudi attack.
Brent crude is on track to rise about 7.7 percent this week, the biggest weekly gain since January. The front-month November contract was at $64.75 a barrel, up 35 cents, by 0532 GMT.
US West Texas Intermediate (WTI) crude futures were up 51 cents to $58.64 a barrel, set to post a 7.1 percent gain for the week, the largest weekly rise since June.
“The forward curve remains ‘bid’ as traders are hedging that the initial estimates for the duration of repairs (at damaged Saudi facilities), given the complex nature, could well underestimate the time required,” said Stephen Innes, Asia Pacific market strategist at AxiTrader.
Saudi Arabia’s production dropped by almost half after an attack on Saturday, Sept. 14, crippled a major oil processing facility. Its oil minister has pledged to restore lost production by the end of this month, and bring capacity back to 12 million barrels per day by the end of November.
The United States and Saudi Arabia blame Iran for the assault on Saudi oil facilities. Tehran denies any involvement.
In the United States, meanwhile, torrential rain from Tropical Storm Imelda has forced a major refinery to cut production and to shut a key oil pipeline, terminals and a ship channel in Texas.
Global markets are also keeping an eye on US-China trade negotiations in Washington, as officials from both sides resumed face-to-face talks for the first time in nearly two months on Thursday.