Overseas Pakistanis send $16b remittances in 10 months
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.