Remittances increase by 6 percent in July-Jan

KARACHI: Remittances sent by overseas workers have posted a growth of six percent to reach $11.2 billion in the first seven months (July to January) of the fiscal year 2015/16 as compared to $10.56 billion received during the same period in the preceding year, the State Bank of Pakistan (SBP) said on Wednesday.

In the month of January, the remittances were recorded at $1.46 billion, showing 10.64 percent decline as compared to $1.63 billion received in December 2015.

However, remittances increased by 4.21 percent as compared to $1.37 billion received in January 2015.

The country-wise details for the month of January show that inflows from Saudi Arabia, the UAE, US, the UK, GCC countries, (including Bahrain, Kuwait, Qatar and Oman) and the EU countries amounted to $462.18 million, $313.32 million, $179.56 million, $172.53 million, $190.38 million and $28.64 million, respectively, as compared to the inflows of $452.81 million, $289.79 million, $197.39 million, $178.4 million, $162.31 million and $25.85 million, respectively, in January 2015.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during January amounted to $116.26 million together as against $97.19 million received in January 2015.