July-May: Country receives $14.3b in remittances

Amount sent by overseas workers is 12% higher than last year.

KARACHI: Overseas Pakistani workers remitted $14.333 billion in the first 11 months (July-May) of the current fiscal year, an increase of 12.3% over $12.755 billion received in the same period of last year, the State Bank of Pakistan (SBP) said on Wednesday.

The inflow of remittances from Saudi Arabia, United Arab Emirates, United States, United Kingdom, other Gulf Cooperation Council (GCC) countries (including Bahrain, Kuwait, Qatar and Oman) and European Union states amounted to $4.257 billion, $2.814 billion, $2.242 billion, $1.979 billion, $1.691 billion and $394.37 million, respectively.



In comparison, the inflows were $3.751 billion, $2.531 billion, $2.006 billion, $1.774 billion, $1.470 billion and $326.34 million, respectively, in July-May of last fiscal year.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during 11 months of the current fiscal year amounted to $954.77 million as opposed to $895.86 million in the same period of previous year.

In May this year, the inflow of remittances from Saudi Arabia, UAE, US, UK, other GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $451.14 million, $290.91 million, $214.74 million, $181.04 million, $164.01 million and $39.06 million, respectively.

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

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.