15% YoY growth: Remittances surge to $11.75b during July-Feb, KSA leads with $3.556b

KARACHI: The country has witnessed 15 per cent year-on-year growth in remittances from overseas Pakistanis to $11.75 billion during July to February as 11pc growth was recorded during the same period of 2013-14.

According to the State Bank of Pakistan (SBP), the handsome increase in remittances came despite all odds including terrorism, low economic growth and lesser attractions for the overseas Pakistanis.

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The largest amount was sent from Saudi Arabia, which has increased by 20pc to $3.556 billion during the eight-month period.

However, the highest growth was witnessed from the United Arab Emirates as remittances from the region rose by over 30pc to $2.537 billion from $2.027 billion in the same period of last year. While remittances from the US increased by 2.7pc to $1.671 billion during July-Feb.