Money matters: Workers’ remittances up 11.87 per cent

Inflow from Saudi Arabia highest in nine months of FY14.

KARACHI: Overseas Pakistani workers remitted $11.58 billion in the first nine months (July-March) of 2013-14, up 11.87% compared with $10.35 billion received during the same period of the last fiscal year.

The inflow of remittances in July-March from Saudi Arabia, United Arab Emirates, United States, United Kingdom, Gulf Cooperation Council (GCC) countries, including Bahrain, Kuwait, Qatar and Oman, and European Union (EU) countries amounted to $3.39 billion, $2.28 billion, $1.82 billion, $1.63 billion, $1.35 billion and $318.94 million, respectively. In contrast, the inflows from the same countries amounted to $2.97 billion, $2.08 billion, $1.63 billion, $1.43 billion, $1.19 billion and $269.04 million, respectively, in July-March 2012-13.



Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first nine months of current fiscal year amounted to $772.8 million as opposed to $752.04 million received in the first nine months of the last fiscal year.

In March 2014, the inflow of remittances from Saudi Arabia, UAE, US, UK, GCC countries, including Bahrain, Kuwait, Qatar and Oman, and EU countries amounted to $425.53 million, $262 million, $194.82 million, $166.46 million, $164.03 million and $34.93 million, respectively, as opposed to the inflows of $351.53 million, $220.22 million, $175.53 million, $150.22 million, $128.36 million and $26.43 million, respectively, in the same month of 2012-13.



Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during nine months of the current fiscal year amounted to $89.48 million.

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

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