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Remittance grow by 8.2pc in five years

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The remittances sent by the Overseas Pakistanis working abroad during the last five years witnessed an aggregate annual growth of 8.2 percent during the last five years (2013-2017), officials sources said.

The remittances during 2012-13 increased by 5.6 percent to $13.921 billion while in 2013-14, the remittances were recorded at $15.838 million, showing growth of 13.8 percent.

Similarly, the sources added that during 2014.15, the remittances witnessed growth of 18.2 percent to $18.720 billion, according to official data.

The data further revealed that during 2015-16, the remittance touched $19.915 figure by posting growth of 6.4 percent, however during the fiscal year 2016-17, the remittances witnessed negative growth of 2.8 percent by falling to $19.351 billion.

As evident from the data, the highest growth of 18.2 percent was witnessed in year 2014-15 followed by 13.8 percent in 2013-14; 6.4percent  in 2015-16 and 5.6 percent in 2012-13 while the lowest growth of -2.8 percent was witnessed during last fiscal year (2016-17), the data revealed.

Meanwhile, the overseas Pakistanis sent remittances amounting to $9.7 billion in the first half of 2017-18, showing growth of 2.5 per cent from the same period of the previous fiscal year, according to State Bank of Pakistan. Remittances from all important destinations, except Saudi Arabia, showed a positive growth.

During December 2017, the inflow of worker’s remittances amounted to US $1723.57 million, which is 9.31% higher than November 2017 and 8.72% higher than December 2016, according to SBP data.

Posted on: 2018-01-22T12:58:00+05:00