Workers’ remittances rise to $6.5bn in the first four months: SBP

ISLAMABAD: The State Bank of Pakistan on Tuesday said overseas Pakistani workers remitted US $ 6506.50 million in the first four months (July to October) of FY16, showing a growth of 5.21% compared with US $ 6184.34 million received during the same period in the preceding year.

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In a statement issued, SBP said during October 2015, the inflow of worker’s remittances amounted to US $ 1539.96 million, which is 13.28% higher than September 2015 and 9.28% higher than October 2014.

The country wise details for the month of October 2015 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to US $ 464.53 million, US $ 367.37 million, US $ 188.26 million, US $ 197.56 million, US $ 178.09 million and US $ 31.56 million respectively compared with the inflow of US $ 374.65 million, US $ 320.91 million, US $ 226.04 million, US $ 193.45 million, US $154.84 million and US $ 30.54 million respectively in October 2014.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during October 2015 amounted to US $112.59 million together as against US $108.79 million received in October 2014.

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Workers’ remittances rise to $6.5bn in the first four months: SBP

by Web Desk