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Expats remittances rise by 11pc in 8 months

Expats remittances rise by 11pc in 8 months

KARACHI: Remittances sent by overseas Pakistani surged by 10.95 percent to the amount of $10.245053 billion in the first eight months (July to February) of the current fiscal year, against $9.234077 billion during the same period of last fiscal year, said a SBP statement here.

The inflow of remittances in July- February FY14 from Saudi Arabia, United Arab Emirates ( UAE), the United Kingdom, the United States, GCC countries (including Bahrain, Kuwait, Qatar and Oman), and European Union countries amounted to $2,965.74 million, $2,026.92 million, $1,626.09 million, $1,465.75 million, $1,193.70 million and $284.01 million respectively as compared with the inflow of $2,627.78 million, $1865.72 million, $1461.13 million, $1284.75 million, $1,067.50 million and $242.61 million respectively in July-February FY13.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first eight months of current fiscal year amounted to $ 683.32 million against $685.18 million received in the first eight months of last fiscal year. In February 2014, the inflow of remittances from Saudi Arabia, UAE, the US, the UK, GCC countries and EU countries amounted to $368.73 million, $240.37 million, $184.59 million, $156.23 million, $144.92 million and $32.79 million respectively as compared with the inflow of $335.76 million, $196.36 million, $137.13 million, $129.40 million, $125.67 million and $24.72 million respectively in February, 2013. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the eighth month of the current fiscal year (July-February FY14) amounted to $81.91 million.