Inflows of workers' remittances continued to diminish, posting a decline of 5 percent during the first four months of this fiscal year (FY17), compared to the same period of last fiscal year (FY16). According to State Bank of Pakistan (SBP) overseas Pakistani workers remitted $6.258 billion in July-October of FY17 compared to $6.507 billion in the same period of last fiscal year, depicting a decline of $249 million. Monthly average for the period July-October, home remittances also declined by 4 percent to $1.565 billion in FY17 down from $1.627 billion in FY16.
During October 2016, the inflows of workers' remittances were some 3 percent lower than September 2016 and 1.2 percent higher than October 2015. Pakistan received workers' remittances amounting to $1.560 billion in October 2016 against $1.609 billion in October-September 2016.
The country-wise analysis showed that inflows from Saudi Arabia, UAE, USA, UK and GCC countries (including Bahrain, Kuwait, Qatar and Oman) are on decline while inflows from the EU countries are increasing. Inflows of home remittances from Saudi Arabia decreased by 5 percent, US 17.25 percent, UK 13 percent, UAE 4.5 percent and GCC countries 1.7 percent during July-October of FY17.
The country-wise details showed that inflows from Saudi Arabia, UAE, USA, UK and GCC countries (including Bahrain, Kuwait, Qatar and Oman) were $1.794 billion, $1.415 billion, $787.39 million, $720 million and $757.47 million, respectively in first four months of this fiscal year compared with the inflow of $1.905 billion, $1.482 billion, $904 million, $870 million and $771.4 million respectively same period of last fiscal year. Home remittances from EU countries surged to $158.19 million up from $125.14 million.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during October 2016 amounted to $156.15 million together against $112.71 million received in October 2015. The remittances sent by overseas Pakistani workers declined sharply by 20 percent to $1.33 billion in July 2016 as compared to July 2015. During August 2016, home remittances witnessed an upward trend and the country received workers' remittances amounting to $1.761 billion, which were 32.57 percent higher than July 2016 and 15.3 percent higher than August 2015. The home remittances inflows during September 2016 were 8.60 percent lower than August 2016 and 9.34 percent lower than September 2015. During September 2016, the inflow of workers' remittances was $1.609 billion against $1.775 billion in September 2015.