KARACHI: The country needs $2.73 billion in the month of June 2017 to achieve remittances target of $20.2 billion for fiscal year 2016/2017.
According to State Bank of Pakistan (SBP) the overseas Pakistan sent $17.46 billion in the first eleven months (July – May 2016/2017) as compared with $17.84 billion during the same period in the last fiscal year.
Overseas Pakistani workers remitted $19.91 billion in 2015/2016, showing a growth of 6.38 percent compared with $18.72 billion received in the preceding fiscal year.
The SBP said that during May 2017, the inflow of worker’s remittances amounted to $ 1867.34 million, which is 21.36 percent higher than April 2017 and 3.77 percent higher than May 2016.
The country wise details for the month of May 2017 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $ 514.5 million, $ 427.25 million, $ 248.88 million, $ 239.2 million, $ 209.95 million and $ 51.19 million respectively compared with the inflow of $ 547.77 million, $ 380.74 million, $ 202.1 million, $ 240.62 million, $ 216.71 million and $ 41.64 million respectively in May 2016. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during May 2017 amounted to $176.37 million together as against $169.85 million received in May 2016.
