Workers remittances posted 6 percent growth in the first eight months of this fiscal year (FY16). According to State Bank of Pakistan (SBP), overseas Pakistani workers remitted $ 12.715 billion during July to February of FY16 compared with $11.986 billion received during the same period in the preceding year, depicting an increase of $729 million.
During February 2016, the inflow of workers'' remittances amounted to $1.516 billion, which is 4 percent higher than January 2016 and 7 percent higher than February 2015. The country wise details for the month of January 2016 showed that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $ 471.94 million, $ 317.12 million, $ 212.19 million, $ 174.66 million, $ 191.75 million and $ 28.48 million respectively compared with the inflow of $ 453.41 million, $ 319.1 million, $ 189.63 million, $ 180.02 million, $ 168.22 million and $ 24.17 million respectively in February 2015. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during February 2016 amounted to $120.25 million together as against $85.99 million received in February 2015.
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