KARACHI: The overseas Pakistanis sent $8.098 billion remittances during the first five months of current fiscal year of 2015/16, showing 7.57 percent growth over the corresponding period last year.
According to the State Bank of Pakistan’s (SBP) data, remittances stood at $7.528 billion in July-November of 2014/15. In November 2015, the inflow of remittances amounted to $1.591 billion as against $1.539 billion in the previous month.
The year-on-year growth in remittances to Pakistan remained modest since the beginning of the current fiscal year. However, the pace of remittance flows slowed down on monthly basis. In September, foreign remittances amounted to $1.775 billion.
Pakistan received $487.28 million in remittances from Saudi Arabia in November as against $4729.09 million in the same month a year ago. Overseas Pakistanis living in UAE remitted $349.09 million cash, compared with $272.87 million last year. Remittances from USA amounted to $231.28 million in November 2015 from $189.95 million in the same month of last fiscal year. Remittances received from UK stood at $188.88 million in November against $163.7 million, while an amount of $189.43 million came from GCC countries during the last month compared with $152.45 million in November 2014.
