Over­seas Pak­ista­nis send $16b remit­tances in 10 months

Pakistan Observer - - ECONOMY WATCH -

AMANULLAH KHAN KARACHI–Home remit­tances by over­seas Pak­istani work­ers which have be­come a ma­jor source of ex­ter­nal flows es­ti­mated over $16 bil­lion in the first ten month of the fi­nan­cial year 2016 and with the grow­ing mo­men­tum likely to touch an all time high in June 2016. Ac­cord­ing to lat­est fig­ures, over­seas Pak­istani work­ers re­mit­ted US $ 16034.39 mil­lion in the first ten months (July to April) of FY16, show­ing a growth of 5.25% com­pared with US $ 15235 mil­lion re­ceived dur­ing the same pe­riod in the pre­ced­ing year.

Dur­ing April 2016, the in­flow of worker’s remit­tances amounted to US $ 1656.85 mil­lion, which is 3.17% lower than March 2016 and 1.02% higher than April 2015. The coun­try wise de­tails for the month of April 2016 show that in­flows from Saudi Ara­bia, UAE, USA, UK, GCC coun­tries (in­clud­ing Bahrain, Kuwait, Qatar and Oman) and EU coun­tries amounted to US $ 488.78 mil­lion, US $ 345.99 mil­lion, US $ 189.84 mil­lion, US $ 221.88 mil­lion, US $ 199.53 mil­lion and US $ 39.85 mil­lion re­spec­tively com­pared with the in­flow of US $ 519.65 mil­lion, US $ 398.41 mil­lion, US $ 214.45 mil­lion, US $ 186.96 mil­lion, US $ 193.13 mil­lion and US $ 27 mil­lion re­spec­tively in April 2015. Remit­tances re­ceived from Nor­way, Switzer­land, Aus­tralia, Canada, Ja­pan and other coun­tries dur­ing April 2016 amounted to US $170.98 mil­lion to­gether as against US $100.49 mil­lion re­ceived in April 2015.

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