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Inflow of remittances grows by 13.72pc

ISLAMABAD: The inflow of remittances during the fiscal year 2013-14 showed increase of 13.72 per cent as compared to previous fiscal year, ARY News reported.

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According to statistics disclosed by the State Bank of Pakistan (SBP) overseas Pakistani workers remitted an amount of $15,832.25 million during FY 13-14 as compared with $13,921.66 million received during FY12-13.

The inflow of remittances during FY 13-14 (July – June) from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman), and EU countries amounted to $4,729.38 million, $3,109.43 million, $2,464.14 million, $2,180.14 million, $1,860.03 million and $431.79 million respectively as compared with the inflow of $4,104.73 million, $2,750.17 million, $2,186.24 million, $1,946.01 million, $1,607.88 million and $357.37 million respectively during FY12-13. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during FY 13-14 amounted to $1,057.34 million as against $969.16 million received during last fiscal year.

In June 2014, the inflow of remittances from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman), and EU countries amounted to $471.88 million, $295.63 million, $222.34 million, $200.82 million, $168.62 million and $37.42 million respectively as compared with the inflow of $353.18 million, $218.60 million, $179.96 million, $171.94 million, $138.18 million and $31.03 million respectively in June, 2013. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during FY13-14 amounted to $102.57 million.

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