Pakistan pockets $13.3b in remittances
Amount 15% higher than comparative period previous year.
Inflows from Saudi Arabia were the largest source of remittances in the first three quarters of 2014-15. STOCK IMAGE
KARACHI:
Overseas Pakistanis sent remittances amounting to $13.3 billion in the first three quarters of 2014-15, translating into a year-on-year increase of 15%, according to data released by the State Bank of Pakistan (SBP) on Friday.
Remittances amounted to $11.6 billion over the same nine-month period of the preceding fiscal year.
In March, Pakistanis based in foreign countries sent home $1.5 billion, which is 13.3% higher than the remittances received in the preceding month of February.
Inflows from Saudi Arabia were the largest source of remittances in the first three quarters of 2014-15. They amounted to over $4 billion in July-March, up 19.3% from the same nine months of 2013-14.
Remittances received in July-March from the United Arab Emirates (UAE) increased 28.8% to $2.9 billion on a year-on-year basis. Inflows from the UAE registered the largest increase from any major remittance-sending country during the last nine months, SBP data shows.
Remittances from the United States and the United Kingdom remained $1.8 billion and $1.6 billion, respectively, in July-March. The year-on-year increase in remittances from the US and the UK has been 2.6% and 2.3%, respectively.
Remittances from Gulf Cooperation Council (GCC) countries, excluding Saudi Arabia and the UAE, clocked up at $1.5 billion in July-March, which is 14.9% higher than the remittances received from these countries in the same period of the preceding fiscal year.
Remittances from Kuwait in the first nine months of 2014-15 equalled $553.6 million while those from Oman, Bahrain and Qatar amounted to $484.3 million, $272.3 million and $250.37 million, respectively.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and ‘other countries’ during March amounted to $90.48 million as opposed to $89.49 million received in March 2014.
In the last fiscal year, overseas Pakistanis sent home $15.8 billion, which was 13.7% higher than the remittances of $13.9 billion received in 2012-13.
The monthly average of remittances during the first nine months of 2014-15 remained $1.4 billion, which was up 15% from the monthly average of remittances amounting to $1.2 billion received in July-March of 2013-14.
Remittances in the first six months of the current fiscal year increased regardless of the strong wave of political instability that began in August with sit-ins by opposition parties and fizzled out after the attack on Army Public School in December.
Published in The Express Tribune, April 11th, 2015.
Overseas Pakistanis sent remittances amounting to $13.3 billion in the first three quarters of 2014-15, translating into a year-on-year increase of 15%, according to data released by the State Bank of Pakistan (SBP) on Friday.
Remittances amounted to $11.6 billion over the same nine-month period of the preceding fiscal year.
In March, Pakistanis based in foreign countries sent home $1.5 billion, which is 13.3% higher than the remittances received in the preceding month of February.
Inflows from Saudi Arabia were the largest source of remittances in the first three quarters of 2014-15. They amounted to over $4 billion in July-March, up 19.3% from the same nine months of 2013-14.
Remittances received in July-March from the United Arab Emirates (UAE) increased 28.8% to $2.9 billion on a year-on-year basis. Inflows from the UAE registered the largest increase from any major remittance-sending country during the last nine months, SBP data shows.
Remittances from the United States and the United Kingdom remained $1.8 billion and $1.6 billion, respectively, in July-March. The year-on-year increase in remittances from the US and the UK has been 2.6% and 2.3%, respectively.
Remittances from Gulf Cooperation Council (GCC) countries, excluding Saudi Arabia and the UAE, clocked up at $1.5 billion in July-March, which is 14.9% higher than the remittances received from these countries in the same period of the preceding fiscal year.
Remittances from Kuwait in the first nine months of 2014-15 equalled $553.6 million while those from Oman, Bahrain and Qatar amounted to $484.3 million, $272.3 million and $250.37 million, respectively.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and ‘other countries’ during March amounted to $90.48 million as opposed to $89.49 million received in March 2014.
In the last fiscal year, overseas Pakistanis sent home $15.8 billion, which was 13.7% higher than the remittances of $13.9 billion received in 2012-13.
The monthly average of remittances during the first nine months of 2014-15 remained $1.4 billion, which was up 15% from the monthly average of remittances amounting to $1.2 billion received in July-March of 2013-14.
Remittances in the first six months of the current fiscal year increased regardless of the strong wave of political instability that began in August with sit-ins by opposition parties and fizzled out after the attack on Army Public School in December.
Published in The Express Tribune, April 11th, 2015.