Remittances up 9.4% in first half of FY14

Saudi Arabia takes the lead with amount of $2.2 billion.

KARACHI:

Overseas Pakistani workers remitted $7.79 billion in the first half of the current fiscal year, an increase of 9.4% compared with $7.11 billion received during the same period of the last fiscal year, a statement released by the State Bank of Pakistan (SBP) said.

The inflow of remittances in July-December from Saudi Arabia, United Arab Emirates, United States, United Kingdom, other Gulf countries, including Bahrain, Kuwait, Qatar and Oman, and European Union (EU) countries amounted to $2.2 billion, $1.57 billion, $1.24 billion, $1.13 billion, $897.69 million and $216.57 million, respectively. In contrast, inflows from respective
countries in the corresponding period of fiscal year 2012-13 were $1.96 billion, $1.46 billion, $1.15 billion, $1 billion, $811.18 million and $188.77 million.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first half of current fiscal year amounted to $511.42 million as opposed to $534.68 million received in the first half of the last fiscal year.



In December 2013 alone, the inflow of remittances from Saudi Arabia, UAE, US, UK, other Gulf countries and EU members amounted to $410.01 million, $275.12 million, $223.96 million, $177.09 million, $165.05 million and $37.43 million, respectively.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during December 2013 amounted to $96.05 million, the SBP said.

Published in The Express Tribune, January 11^th, 2014.

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