2013-14: Remittances clock in at $15.8 billion

Increase 13.7% over last year; inflow from Saudi Arabia highest.


Our Correspondent July 10, 2014
2013-14: Remittances clock in at $15.8 billion

KARACHI: Overseas Pakistani workers remitted $15.8 billion in 2013-14, which translates into an increase of 13.7% over the remittances of $13.9 billion received in 2012-13.

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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COMMENTS (19)

Hassan | 9 years ago | Reply

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!

Hassan | 9 years ago | Reply

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.

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