According to data released by the State Bank of Pakistan (SBP) on Thursday, the inflow of remittances during 2013-14 from Saudi Arabia, United Arab Emirates, United States, United Kingdom, GCC countries (including Bahrain, Kuwait, Qatar and Oman), and EU countries amounted to $4.7 billion, $3.1 billion, $2.4 billion, $2.1 billion, $1.8 billion and $431.8 million, respectively.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during 2013-14 amounted to over $1 billion as opposed to $969.16 million received during the preceding fiscal year.
In June, the inflow of remittances from Saudi Arabia, UAE, US, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman), and EU countries amounted to $471.88 million, $295.63 million, $222.34 million, $200.82 million, $168.62 million and $37.42 million, respectively.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during June amounted to $102.57 million.
Published in The Express Tribune, July 11th, 2014.
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This money is mostly used for the balance of payment of imports and exports. Cause pakistan has imports of $45 billion and exports of around $25 billion. Inflation is not cause by this money received from abroad but rather the printing Of rupees which the government does in billions every year!
This money of $15 billion is mostly use to pay for the balance of trade we have of $20 billion. I was reading article it told pakistan has import of around $45 billion and exports of around 25 billion.
@Iqbal: search on internet, aboriginal population in Canada enjoy alot of benefits, such as, low to no tax etc, however, the rate of unemployment, crime, suicide is much higher than other canadians. Individuals like yourself blame them, however, the govt and other organizations always try to find new ways to help them out of their misery.
@ali:
Please backup with some proof like I have. At the end of the day you and I will have to accept that we muslims are more racist then the "whites". You may or may not know that Pakistan does not allow non muslims to be PMs or Presidents. In your books is Pakistan racist? No point in accusing others of being racist when your own house is not in order.
@Iqbal: Stats are worse for native population in canada but conclusion is similar to mine not yours.
@Iqbal: That is racist conclusion. In canada and usa, as well as middle east Pakistanis work hard, uk should create opportunities for Its muslim south asian population.
Higher remittance means high inflation....
I note the remittance from UK is $2.1bn where I live. I wonder how much has been actually subsidised by the UK's taxpayers because Pakistani/Bangladeshi immigrants are the worst culprits claiming social security. A lot of them do not want to work and claim benefits. This BBC report highlights the problem Pakistani immigrants have in UK: http://www.bbc.co.uk/blogs/legacy/thereporters/markeaston/2010/11/workbenefitsand_ethnicity.html. Note some of the highlights: Indians have the highest household income and Pakistani the lowest. Pakistani claim the highest social security benefits whereas Indians are the lowest. Note one of the conclusion: "Turning the concept on its head, it is interesting to note that while white citizens receive 73% of their income from wages, salaries and self-employed income, the figure is higher among every other ethnic group with the exception of Pakistani/Bangladeshi."
But the same time,remittance to India is 70 billion dollar
No mention of extremist Iran anywhere.
These are remittances not to Pakistan but to DHA and BT.
Mashallah oversis pakistani are lifeline of our nation.
@Humza: Announcing projects is not a sign of prosperity. Completing those projects is
@just_someone:
Patriotism not withstanding high remittances are an indication of Govt. mismanagement. If anything the world should take notice of the hardworking people of Pakistan and help us because our rulers and their hair-brain employment schemes are not going anywhere. Its not Pakistan or bakistan its na-umeedistan here
@Sajjad: Who taught you that? Higher remittances refer to the money that overseas Pakistanis send home. It has nothing to do with the state of the economy or the infrastructure in Pakistan which is obviously improving with the mega projects announced.
That is too much money getting into Pakistan every year.
Higher remittances are a sign of poor infrastructure of economy
You're welcome resident Pakistanis! Those who you shamelessly call unpatriotic are the ones that are keeping you afloat...remember that next time you call us unpatriotic!