Foreign currency: Remittances swell 14.6% in July-January

On monthly basis money sent home by overseas workers falls 13%.

KARACHI: Overseas Pakistanis sent remittances amounting to $10.3 billion in the first seven months of 2014-15, which translates into a year-on-year increase of 14.6%, according to the State Bank of Pakistan on Tuesday.

Remittances amounted to $9 billion over the same seven-month period of the preceding fiscal year.

Pakistanis based in foreign countries sent home $1.3 billion in January, which is 13% lower than the preceding month. On a year-on-year basis, however, worker’s remittances were up 10% in January.



Inflows from Saudi Arabia in January amounted to $452.81 million while the inflows from United Arab Emirates, United States and United Kingdom were $246.79 million, $186.15 million and $169.44 million, respectively.

Inflows in January from the Gulf Cooperation Council members, including Bahrain, Kuwait, Qatar and Oman, and European Union countries remained $160.44 million and $65.45 million, respectively.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during January amounted to $96.06 million as opposed to $90 million received in the same month of the preceding year.

Published in The Express Tribune, February 11^th,  2015.

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