KARACHI: The remittances sent to Pakistan decreased 8.7 percent to $1.47 billion during the month of March 2016 as compared with $1.6 billion in the same month of last year.
According to the State Bank of Pakistan (SBP), the overseas Pakistani workers sent $18.45 billion during fiscal year 2014-15, showing 16.5 percent growth as compared with $15.83 billion in the preceding fiscal year.
The breakup of data for the month revealed inflows from UAE, USA, UK and GCC Countries including Bahrain, Kuwait, Qatar and Oman posted decline. However, inflows from Saudi Arabia increased to $506.05 million during the month as compared with $489.7 million in the corresponding month last year. The inflows from EU countries were remained intact at $26.54 million.
Remittances from Norway, Switzerland, Australia, Canada, Japan and other countries also increased in March 2016 to $120.92 million as against $91.51 million received by the central bank in March 2015.
The fall in March 2016 also eased the growth of overall remittances inflows during first nine months of 2015-16 to $14.15 billion as compared with $13.59 billion in the corresponding months of last fiscal year.
