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Overseas Pakistani workers’ remittances rise to $5bn, says SBP

KARACHI: Overseas Pakistani workers’ remittances rose 4.0% to US $5 billion in the first three months of fiscal year 2015-16, said the State Bank of Pakistan (SBP) on Monday.

The SBP said that Pakistani workers remitted US $ 4966.54 million in the first three months (July to September) of FY16, showing a growth of 4.01% compared with US $ 4775.12 million received during the same period in the preceding year.

During September 2015, the inflow of worker’s remittances amounted to US $1775.87 million, which is 16.3% higher than August 2015 and 1.57% higher than September 2014.

The country wise details for the month of September 2015 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to US $483.21 million, US $428.13 million, US $260.97 million, US $233.27 million, US $201.34 million and US $33.3 million respectively compared with the inflow of US $495.63 million, US $396.28 million, US $252.07 million, US $226.72 million, US $216.84 million and US $34.45 million respectively in September 2014.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during September 2015 amounted to US $135.65 million together as against US $126.50 million received in September 2014.

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