Overseas Pakistanis remit $4,966.54 million in 3 months

KARACHI: Overseas Pakistani workers remitted $4,966.54 million in the first three months (July-September) of 2015-16, a growth of 4% over remittances amounting to $4,775.12 million received during the same period of the preceding year. The inflow of workers’ remittances amounted to $1,775.87 million in September, which is up 16.3% month-on-month and 1.5% year-on-year (YoY).

The country-wise details for September are as follows: Saudi Arabia ($483.21 million), United Arab Emirates ($428.1 million), United States ($260.97 million), United Kingdom ($233.27 million), Gulf Cooperation Council countries excluding Saudi Arabia and UAE ($201.3 million), and EU countries ($33.3 million).

YoY detailed comparison of remittances data was not possible because the SBP had not uploaded the numerical data Monday evening.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during September amounted to $135.6 million as opposed to $126.5 million received in September 2014.

The overall share of the oil-rich GCC countries in Pakistan is roughly 64%. 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 had grown 13.7% in 2013-14, which means the YoY increase of 16.5% in 2014-15 was notably higher than that in the preceding fiscal year.

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