KARACHI: Overseas Pakistanis remitted $1.65 billion in the first month of the current fiscal year, which is 17.45% higher than the amount ($1.4 billion) they remitted during the same month of 2013-14.
According to the State Bank of Pakistan (SBP), the inflow of remittances in July remained $454.47 million from Saudi Arabia, which was the biggest source of remittances in the first month of 2014-15. They are up 10.6% from the same month of 2013-14.
Remittances from Saudi Arabia were followed by those from the United Arab Emirates (UAE), which amounted to $352.89 million in July. Remittances from UAE-based Pakistani workers were equally divided between Dubai and Abu Dhabi, with each emirate contributing a little over $174 million.
On a year-on-year basis, the amount received from UAE-based Pakistanis in July has increased by almost 40% — the largest increase in remittances from any country during the last month.
Remittances from the United States and the United Kingdom remained $257.08 million and $247.96 million, respectively. The year-on-year increase in remittances from the US and the UK has been 10.3% and 11.7%, respectively.
Remittances from Gulf Cooperation Council (GCC) countries, excluding Saudi Arabia and the UAE, clocked up at $179.76 million in July, which is 12.48% higher than the remittances received in the same month of the preceding fiscal year.
Remittances from Kuwait in July equalled $65.83 million while Oman, Bahrain and Qatar sent $54.65 million, $30 million and $29.28 million, respectively.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the last month amounted to $112.91 million as opposed to $86.23 million received in the same month of the last fiscal year.
In the last fiscal year, overseas Pakistani workers sent home $15.8 billion, which was 13.7% higher than the remittances of $13.9 billion received in 2012-13.
Published in The Express Tribune, August 13th, 2014.
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COMMENTS (11)
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Amazed to see people liking it as a good news!!!
I dont know why do we perceive it as a good news. Its sad that the young talent of you nation is working elsewhere amid the bad situation in the country.
Instead the headline to this article should be - talent sinking v the increase in remittance.
@Mehran Khan: @itl: @Ali-Dubai: @Moiz Omar: This is the approximate amount which Pakistan pays every month to banks.
and Here MN media cell will claim it as shining macro's.
Its because many Pakistan's send Zakat home.
I hope PMLN lovers dont try to take credit for this too! :)
That is a lot of money. Also it is good that the amount of the remittances being sent is increasing.
We have taken Overseas Pakistanis as granted...
In August there will be decline, as In July due to Eid public received Twice salaries in one month the same reflected in foreign remittance. No Magic done by the PML-N Policies.
Will Ishaq Dar take credit for this too?
@just_someone:
So????? Think about it like this; the exchange rate of PKR has increased lately which means A LOT OF MONEY CAME INTO PAKISTAN (Comparison to last year), so it is not just Eidi but also investments.
Purely eid related...