Remittances grow by 3.55% during July – January, FY ’18

Total Remittances during July – January FY ’18 clocked in at Rs. 11.383 billion growing by 3.55% against last year’s tally of Rs. 10.993 billion. According to data released by State Bank of Pakistan, United States, United Kingdom, United Arab Emirates and European Union Countries all reported a positive uptick in total remittances. Saudi Arabian remittances continue to post a decline. During the period (July – Jan, FY ’18) under review, remittances from Saudi Arabia declined by more than 8% to clock in at Rs. 2.914 billion against Rs. 3.169 last year.

Barring GCC Countries (Bahrain, Kuwait, Qatar and Oman) and Saudi Arabia, remittances from across the world improved during the first seven months of fiscal year 2018.

Country – Wise Workers’ Remittance – SBP

Country

January

December

January

July – January

Amount

2018

2017

2017

FY18

FY17

FY16

USA

223.94

234.76

175.39

1,504.56

1,347.66

1,473.75

UK

235.10

223.30

180.91

1,585.41

1,278.64

1,425.90

Saudi Arabia

383.91

431.97

434.15

2,914.64

3,169.11

3,358.99

UAE

351.58

396.74

323.29

2,512.31

2,459.97

2,486.94

GCC Countries

186.33

188.76

186.41

1,314.94

1,342.05

1,364.10

EU Countries

56.4

54.87

31.69

371.35

262.07

223.97

Norway

3.69

3.59

3.03

26.93

23.99

17.24

Switzerland

2.31

2.12

1.79

16.57

13.94

12.95

Australia

20.63

22.03

17.19

138.07

114.69

105.14

Canada

19.16

15.88

14.22

118.45

102.23

91.64

Japan

1.44

1.68

0.91

10.17

8.17

6.26

Other Countries

154.23

147.87

119.39

870.07

870.96

587.84

Total Cash

1,638.72

1,723.57

1,488.37

11,383.47

10,993.48

11,154.72

 

Posted on: 2018-02-12T16:24:00+05:00