Inflows of workers' remittances, sent by overseas Pakistanis, rose by 13 percent during the first two months of this fiscal year (FY18). According to State Bank of Pakistan (SBP), overseas Pakistani workers remitted $3.496 billion in the first two months (July to August) of FY18 compared with $3.089 billion received during the same period in the preceding year, depicting an increase of $ 407 million.
During August 2017, the inflows of workers' remittances amounted to $ 1.954 billion, which is 26.78 percent higher than July 2017 and 11 percent higher than August 2016. The detailed analysis revealed that a major surge was observed from all major corridors including Saudi Arabia, UAE, the US and UK. Workers' remittances from the US moved up by 15.42 percent to $ 1.929 million in first two months of this fiscal year compared to $ 393 million in the same period last fiscal year.
Similarly, inflows from UK increased to $ 48.32 million in July-August of FY18 against $ 336.25 million in the corresponding period of last fiscal year, up 33percent or $ 112 million. With 3.89 percent surge, inflow from Saudi Arabia stood at $ 920.12 million in first two months of this fiscal year compared to $ 885.95 million in the same period of last fiscal year.
In addition, during the period under review, inflows of home remittances amounted to $775 million, up 11 percent, from UAE. The country-wise details for the month of August 2017 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $511.28 million, $440.38 million, $260.34 million, $249.14 million, $230.22 million and $62.75 million, respectively compared with the inflow of $507.26 million, $401.18 million, $223.7 million, $192.64 million, $222.57 million and $43.5 million, respectively in August 2016. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during August 2017 amounted to $200.35 million together against $169.99 million received in August 2016.
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