Workers’ remittances rise by 15pc

ISLAMABAD: Workers’ remittances have witnessed rise of 15 per cent in the first nine months (July to March) of fiscal year 2015 (FY15), ARY News has learnt. 

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According to State Bank of Pakistan (SBP), overseas Pakistani workers remitted $13,327.47 million in the first nine months of FY15, showing a significant growth of 15 per cent compared with $11,586.06 million received during the same period in the preceding year.

During March 2015, the inflow of worker’s remittances amounted to $1,576.97 million, which is 13.3 per cent higher than February 2015 and 18% higher than March 2014.

The country wise details for the month of March 2015 shows that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $489.70 million, $411.24 million, $199.24 million, $164.28 million, $196.07 million and $25.96 million respectively compared with the inflow of $425.53 million, $262.0 million, $195.45 million, $166.46 million, $164.03 million and $34.93 million respectively in March 2014.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during March 2015 amounted to $90.48 million together as against $89.49 million received in March 2014.

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Workers’ remittances rise by 15pc

by Zohaib Kazmi