Overseas Pakistanis remitted around $330 million less during the first nine months of the current fiscal year compared to same period last year owing to falling revenues of oil producing countries and some harsher conditions on the workers abroad.
According to the statement released by the State Bank of Pakistan overseas workers remitted $14.057 billion during July 2016 to March 2017 period as compared with $14.387 billion of the same period corresponding years.
During March 2017, the inflow of worker’s remittances amounted to US$ 1.694 billion, which is 19.58% higher than February 2017 and 1% less than March 2016.
The country wise details for the month of March 2017 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to US$ 504.6 million, US$ 363.24 million, US$ 213.29 million, US$ 209.14 million, US$ 197.21 million and US$ 38.85 million respectively compared with the inflow of US$ 514.8 million, US$ 396.35 million, US$ 202.73 million, US$ 202.37 million, US$ 212.47 million and US$ 26.61 million respectively in March 2016. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during March 2017 amounted to US$168.04 million together as against US$155.82 million received in March 2016.