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Remittances rise 6pc to $11.2bn

Remittances rise 6pc to $11.2bn

KARACHI: Remittances from overseas Pakistanis rose 6 per cent to $11.2 billion during the first seven months (July-January) of 2015-16 from $10.566bn in the same period last year.

However, remittances fell 10.64pc month-on-month and rose 4.21pc year-on-year to $1.462bn in January 2016, the State Bank of Pakistan said on Wednesday.

Remittances, during the seven-month period, stood higher than the exports figure, reflecting an alarming situation for the country. Details showed that remittances from Saudi Arabia, the United States and United Kingdom collectively constituted more than 56pc of the total. The highest inflow was from Saudi Arabia amounted to $3.358bn, while inflows from the US and UK were $1.527bn and $1.424bn, respectively.

The average per month inflow of remittances stood at $1.6bn, thus the country could receive around $8bn in the next five months and $19-20bn by fiscal-end.

Highest growth in remittances was noted from Dubai, which shot up by 39pc during the period under review.

Courtesy : Dawn News



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