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Remittances increase 0.8% year-on-year
Amount to $1.66b in July, number 8.6% lower than June’s.
KARACHI:
Overseas Pakistanis sent remittances amounting to $1.66 billion in the first month of 2015-16, which translates into a year-on-year increase of 0.8%, according to data released by the State Bank of Pakistan (SBP) on Monday.
Remittances amounted to $1.65 billion in the same month of the preceding fiscal year. On a month-on-month basis, however, remittances recorded a decrease of 8.6% in July.
Pakistanis based in foreign countries sent home $18.4 billion in 2014-15, which translated into a year-on-year increase of 16.5%. Inflows from Saudi Arabia were the largest source of remittances in July. They amounted to $474.4 million last month, up 4.4% from a year ago.
Remittances received in July from the United Arab Emirates (UAE) increased 4.1% to $367.5 million on a year-on-year basis. Inflows from the UAE had registered the largest increase from any major remittance-sending country in 2014-15, SBP data shows.
Remittances from the United States and the United Kingdom remained $255.3 million and $232.3 million, respectively, in July. The year-on-year decrease in remittances from the US and the UK has been 0.68% and 6.3%, respectively.
Remittances from Gulf Cooperation Council (GCC) countries, excluding Saudi Arabia and the UAE, clocked up at $197.8 million in July, which is 10% higher than the remittances received from these countries in the same month of the preceding fiscal year. Remittances from Kuwait in July equalled $62.9 million while those from Oman, Bahrain and Qatar amounted to $65.9 million, $40 million and $29 million, respectively.
This means the overall share of the oil-rich GCC countries in Pakistan is over 62%. Many analysts fear remittances from these countries may dwindle going forward, as their governments begin to scale back infrastructure spending in the wake of a sharp fall in global oil prices.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during July amounted to $103.6 million as opposed to $112.91 million received in July 2014.
Published in The Express Tribune
.............
Remittances increase 0.8% year-on-year
Amount to $1.66b in July, number 8.6% lower than June’s.
KARACHI:
Overseas Pakistanis sent remittances amounting to $1.66 billion in the first month of 2015-16, which translates into a year-on-year increase of 0.8%, according to data released by the State Bank of Pakistan (SBP) on Monday.
Remittances amounted to $1.65 billion in the same month of the preceding fiscal year. On a month-on-month basis, however, remittances recorded a decrease of 8.6% in July.
Pakistanis based in foreign countries sent home $18.4 billion in 2014-15, which translated into a year-on-year increase of 16.5%. Inflows from Saudi Arabia were the largest source of remittances in July. They amounted to $474.4 million last month, up 4.4% from a year ago.
Remittances received in July from the United Arab Emirates (UAE) increased 4.1% to $367.5 million on a year-on-year basis. Inflows from the UAE had registered the largest increase from any major remittance-sending country in 2014-15, SBP data shows.
Remittances from the United States and the United Kingdom remained $255.3 million and $232.3 million, respectively, in July. The year-on-year decrease in remittances from the US and the UK has been 0.68% and 6.3%, respectively.
Remittances from Gulf Cooperation Council (GCC) countries, excluding Saudi Arabia and the UAE, clocked up at $197.8 million in July, which is 10% higher than the remittances received from these countries in the same month of the preceding fiscal year. Remittances from Kuwait in July equalled $62.9 million while those from Oman, Bahrain and Qatar amounted to $65.9 million, $40 million and $29 million, respectively.
This means the overall share of the oil-rich GCC countries in Pakistan is over 62%. Many analysts fear remittances from these countries may dwindle going forward, as their governments begin to scale back infrastructure spending in the wake of a sharp fall in global oil prices.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during July amounted to $103.6 million as opposed to $112.91 million received in July 2014.
Published in The Express Tribune
.............
