KARACHI: Amid fear of fall in view of the falling crude prices, the inflow of workers remittances increased to $7.398 billion from $6.407 billion last year, during the first five months of the current fiscal year, showing an increase of 15.5 percent.
According to the State Bank of Pakistan’s report, inflow of workers’ remittances during November rose to $1.320 billion, 4.5 percent less than October 2014 and 16.8 percent higher than November 2013.
The largest amount of remittances was received from Saudi Arabia. However, in view of the fall crude price in world market, Gulf countries will face a cut in their oil incomes which might hit Pakistan in the form of job cuts and low exports to these countries.
There are fears that massive fall in oil prices could lead to retrenchment of thousands of Pakistanis working in the oil-rich Gulf countries. Over 40pc drop in oil prices can simply not be fully cushioned.
