Workers’ remittances rise 6% to $12.7bn in first eight months

March 9, 2016 Off By Web Desk

Karachi: State Bank of Pakistan (SBP) Thursday said that overseas Pakistani workers remitted US $ 12714.57 million in the first eight months (July to February) of FY16, showing a growth of 6.07% compared with US $ 11986.44 million received during the same period in the preceding year.

During February 2016, the inflow of worker’s remittances amounted to US $ 1516.39 million, which is 3.65% higher than January 2016 and 6.74% higher than February 2015. The country wise details for the month of January 2016 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to US $ 471.94 million, US $ 317.12 million, US $ 212.19 million, US $ 174.66 million, US $ 191.75 million and US $ 28.48 million respectively compared with the inflow of US $ 453.41 million, US $ 319.1 million, US $ 189.63 million, US $ 180.02 million, US $ 168.22 million and US $ 24.17 million respectively in February 2015.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during February 2016 amounted to US $120.25 million together as against US $85.99 million received in February 2015.