Pakistan pockets remittances amounting to $4.966b

Inflow was $1,775.87 million in September alone

Our Correspondent October 12, 2015
Inflow was $1,775.87 million in September alone. STOCK IMAGE

KARACHI: Overseas Pakistani workers remitted $4,966.54 million in the first three months (July-September) of 2015-16, a growth of 4% over remittances amounting to $4,775.12 million received during the same period of the preceding year. The inflow of workers’ remittances amounted to $1,775.87 million in September, which is up 16.3% month-on-month and 1.5% year-on-year (YoY).

The country-wise details for September are as follows: Saudi Arabia ($483.21 million), United Arab Emirates ($428.1 million), United States ($260.97 million), United Kingdom ($233.27 million), Gulf Cooperation Council countries excluding Saudi Arabia and UAE ($201.3 million), and EU countries ($33.3 million).

YoY detailed comparison of remittances data was not possible because the SBP had not uploaded the numerical data Monday evening.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during September amounted to $135.6 million as opposed to $126.5 million received in September 2014.

The overall share of the oil-rich GCC countries in Pakistan is roughly 64%. Many analysts fear remittances from these countries may dwindle going forward, as their governments begin to scale back infrastructure spending in the wake of a sharp fall in global oil prices.

Remittances had grown 13.7% in 2013-14, which means the YoY increase of 16.5% in 2014-15 was notably higher than that in the preceding fiscal year.

Published in The Express Tribune, October 13th, 2015.

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ahmed | 6 years ago | Reply Pakistan best and most lucrative export is Pakistanis.
abdullah | 6 years ago | Reply @ Asad memon.Linkedin is the way professionals are getting hired gone is the era where companies would siphon out money from the pockets of tbe employers.The role of such org has shrinked alot.i gues you have based your comment on this reason.Its simple in gulf if you have yhe exp of a bigger firm you wil get a better pay if not than you have few chances .Education always plays a bigger role.Staying in dubai myself i can say it if you have a pakistani or an indian degree you are not required.get a foreign degree( not from axact) but by hard work. Oil will pick always have a U graph not a V graph.saudi and dubai are not scaling anything back and qatar too.those are the palces where we find more wont affect us much.
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