Pakistani expats send home $9.7 billion in six months

[Khafee]

Pakistani expats send home $9.7 billion in six months
Afzal Khan
Filed on January 13, 2016 | Last updated on January 13, 2016 at 07.40 am

Islamabad: Overseas Pakistanis sent remittances amounting to $9.7 billion in July-December, which translates into a year-on-year (YoY) increase of 6.2 per cent, according to data released by the State Bank of Pakistan (SBP).

Remittances amounted to $9.1 billion in the same six months of the preceding fiscal year. They amounted to almost $1.63 billion in December alone, which is 2.8% higher than the remittances received in the preceding month, SBP data shows.

Pakistanis based in foreign countries sent home $18.4 billion in 2014-15, which translated into a YoY increase of 16.5%. Inflows from Saudi Arabia at $2.9 billion were the largest source of remittances in July-December, up 9.3% from the corresponding period of the last year.

Remittances received in July-December from the United Arab Emirates (UAE) increased 9.4% to $2.1 billion on a YoY basis. Inflows from the UAE had registered the largest increase (26.1%) from any major remittance-sending country in 2014-15, SBP data shows.

In the first six months of the current fiscal year, remittances from Dubai have surged 42% YoY. But the figure for overall inflows from the UAE so far has remained subdued because of a 27.2% annual decline in remittances from Abu Dhabi over the same period. Remittances from the United States and the United Kingdom remained $1.3 billion and $1.2 billion, respectively, in July-December. The YoY change in remittances from the US and the UK has been -4.4% and 3.2%, respectively.

In the presence of a wide gap between the rates of investment returns in the United States and Pakistan, US workers of Pakistani origin would prefer investing their savings in Pakistan until recently - something that resulted in healthy annual growth in worker remittances from the United States for many years.


Pakistani expats send home $9.7 billion in six months - Khaleej Times

 

[Jungibaaz]

Remittances from the United States and the United Kingdom remained $1.3 billion and $1.2 billion, respectively, in July-December. The YoY change in remittances from the US and the UK has been -4.4% and 3.2%, respectively.

@Syed.Ali.Haider needs to up his game, no excuses your economy is recovering now, even the Fed has raised interest rates.

 

[Mir Shahzain]

I am working here in Saudi Arabia....we left our home for our family because of inflation and limited jobs....we are sending remittances and they are continuously increasing taxes even on Departure from airport...No facilities or schemes for NRPs....I personally paid Rs.1000/- at Allama Iqbal International Airport for not to open my luggage although it was already screened on 2 Airports....These things are really disappointing

 

[Moonlight]

They accept the remittances from overseas Pakistanis, but gives no rights to them. No respect. Double standards. This remittance is playing a vital role in Pakistan's economy.

 

[Icarus]

Over $1 Billion in this figure is credited to the Freelance Industry. Its really opened up avenues for talented young people, I only hope that internet facilities can improve to offer greater exposure to our freelancers.

 

[Kompromat]

CPEC should have included a high speed fiber optic internet Hwawei is offering to a number of countries.

Over $1 Billion in this figure is credited to the Freelance Industry. Its really opened up avenues for talented young people, I only hope that internet facilities can improve to offer greater exposure to our freelancers.

Still denied the right to vote. Pity

 

[Icarus]

CPEC should have included a high speed fiber optic internet Hwawei is offering to a number of countries.

A Fibre Optic Channel is a part of the communication package of the CPEC but for that to be implemented, we first have to get the project off the ground and complete the first phase of the project so that it becomes operational and starts giving some return.

 

[AZADPAKISTAN2009]

Its normal , as they realized its good to use the tax incentives introduced by government, minimum tax on incoming funds from outside

 

[Moonlight]

CPEC should have included a high speed fiber optic internet Hwawei is offering to a number of countries.



Still denied the right to vote. Pity

Yeah. They are not even allowed to participate in electoral process. So infelicitous, even after the law was passed by Supreme Court to arrange voting facilities for overseas Pakistanis’, no effort is seen by the previous government and/or sitting government. Almost all of the Pakistanis have their NICOP cards. And many are computer literate. Now the question is, is it that hard to arrange the online voting for overseas Pakistanis? Why election commission of Pakistan is not paying a coin of attention to this matter? Millions of Pakistanis want to use their right to vote. Ok if you find it hard to arrange the online voting, let’s start psychical voting in Pakistani embassies and consulates. Who is gonna take the initiate? Who is going to look over this matter? Money from overseas Pakistani is good but not the vote?

I find it really mean, but when I see people in pakistan are not even given their rights, what overseas can expect? Nothing!

 

[Atlanticore]

They accept the remittances from overseas Pakistanis, but gives no rights to them. No respect. Double standards. This remittance is playing a vital role in Pakistan's economy.

Indeed. Over seas Pakistanies even lack the services which are supposed to be given to them through embassies of Pakistan in foreign. Pakistanies who have to get their new passports or some legal help they only get inferiority complex by the attitude of Embassy Staff.

 

[VCheng]

@Syed.Ali.Haider needs to up his game, no excuses your economy is recovering now, even the Fed has raised interest rates.

Sir, I read the many wonderful threads on PDF about how well Pakistan is doing, specially by the great Riaz Haq (and many others) and came to the conclusion that my contributions are not needed any more. After CPEC is successful, I probably will consider moving back.

Back to the topic, the economy is presently on a stay of execution due to the low energy prices. The remittances are helping with the balance of payments for the time being, but the basics remain adverse. The pain that will come with rising energy prices will be substantial, as they will inevitably, but not for a while yet. The PKR will tread water for now, but it will dive to its natural devaluation rate at some point.

 

[Moonlight]

Indeed. Over seas Pakistanies even lack the services which are supposed to be given to them through embassies of Pakistan in foreign. Pakistanies who have to get their new passports or some legal help they only get inferiority complex by the attitude of Embassy Staff.

I have experienced it and the guy who was there to help us, was so freaking rude. I was with my mom and sister so I had to be nice. He was not even giving the answers to my questions. And the embassy totally gives the Pakistani offices' look, no pens, no printers, less chairs, broken windows, and list goes on. :p
Every single person there was complaining about the staff.

 

[Atlanticore]

I have experienced it and the guy who was there to help us, was so freaking rude. I was with my mom and sister so I had to be nice. He was not even giving the answers to my questions. And the embassy totally gives the Pakistani offices' look, no pens, no printers, less chairs, broken windows, and list goes on. :p
Every single person there was complaining about the staff.

ALAS! This is what our Embassies do to the source of our 40% GDP. Situation is pretty much worse in Australia , Embassy staff have been blamed for forcing for bribes in return of their legal help.

 

[Moonlight]

ALAS! This is what our Embassies do to the source of our 40% GDP. Situation is pretty much worse in Australia , Embassy staff have been blamed for forcing for bribes in return of their legal help.

Bribes? Even in Australia? Yeah chez. :p
No matter where we go in this world, corruptions stay with us. Wallahi if they honestly spend this 40% on Pakistanis', I will not ask for any right. Not even voting rights. :/

 

[Atlanticore]

Bribes? Even in Australia? Yeah chez. :p
No matter where we go in this world, corruptions stay with us. Wallahi if they honestly spend this 40% on Pakistanis', I will not ask for any right. Not even voting rights. :/

No one other then Imran khan really cares about Overseas Pakistanies. This is why i didn't persuade my parents for my higher studies in foreign.
I don't know why over seas Pakistanies are Patriotic to the country which haven't given them anything in return of their services and Patriotism .