KARACHI: The remittances of the country have amounted to $10.3 billion in the first seven months of 2014-15, showing a year-on-year increase of 14.6%, as $9 billion remittances were recorded during the same period of the previous fiscal year.
According to the State Bank of Pakistan, overseas Pakistanis sent home $1.3 billion in January, which is 13% lower than the preceding month. On a year-on-year basis, however, worker’s remittances were up 10% in January.
Inflows from Saudi Arabia in January amounted to $452.81 million while the inflows from United Arab Emirates, United States and United Kingdom were $246.79 million, $186.15 million and $169.44 million, respectively.
Inflows in January from the Gulf Cooperation Council members, including Bahrain, Kuwait, Qatar and Oman, and European Union countries remained $160.44 million and $65.45 million, respectively. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during January amounted to $96.06 million as opposed to $90 million received in the same month of the preceding year.
