5MFY15: Remittances clock in at $7.398b

The inflow of workers’ remittances during November is 4.5% lower than those recorded in the preceding month

KARACHI:

Overseas Pakistani workers remitted $7,398.4 million in the first five months of 2014-15, showing an increase of 15.5% over the $6,407.5 million received during the same period of 2013-14.

According to the State Bank of Pakistan (SBP), the inflow of workers’ remittances during November amounted to $1,320.6 million, which is 4.5% lower than those recorded in the preceding month. However, last month’s remittances were 16.8% higher than the remittances received in the same month of 2013.

The country-wise details for November shows that inflows from Saudi Arabia, UAE, US, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $429.1 million, $271.2 million, $178.8 million, $156.7 million, $150.5 million and $24.3 million, respectively.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during November amounted to $110.2 million together as opposed to $71.76 million received in November 2013.

Published in The Express Tribune, December 12^th, 2014.

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