Remittances rise 16% to $16.6 billion in 11 months of FY2014-15

KARACHI: Overseas Pakistani workers remitted $16632.76 million in the first eleven months (July to May) of current fiscal year 2014-15,

This shows a significant growth of 16 percent compared with $14338.38 million received during the same period of last year 2013-14.

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During May, 2015, the inflow of worker’s remittances amounted to $1663.1 million, which is 1.37 percent higher than April 2015 and 15.46 percent higher than May 2014.

The country wise details for the month of May, 2015 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $528.34 million, $399.35 million, $221.1 million, $194.15 million, $190.66 million and $28.5 million respectively compared with the inflow of $451.14 million, $290.91 million, $216.84 million, $181.04 million, $164.01 million and $39.06 million respectively in May, 2014.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during May, 2015 amounted to $101.0 million together as against $97.47 million received in May 2014.