Overseas Pakistanis Sent $1.76 billion to Pakistan Ahead of Eidul Azha

Overseas Pakistanis remitted $1.76 billion to home country ahead of Eidul Azha, during August 2016, which is 32.5 percent higher than the values of previous month of July 2015 and 15.3% higher than same month of previous year.

The contribution of overseas Pakistanis to their relatives grew due to Eid festivities and purchase of sacrificial animals.

According to the statistic released by State Bank of Pakistan (SBP), remittances from major countries are:

Remittances in August 2016

• Saudi Arabia: $507.26 million
• UAE: $401.18 million
• GCC countries: $222 million
• USA: $233.7 million
• UK: $192.64 million.
• Norway, Switzerland, Australia, Canada, Japan and other countries: $170 million
• EU countries: $43.5 million.

Remittances in July 2016

During July 2016, the inflow of worker’s remittances declined to $ 1.328 billion, which is 36% less than June 2016

• Saudi Arabia: $378.69 million,
• UAE: $293.72 million
• GCC countries: $169.61 million.

Remittances in June 2016

During June 2016, the inflow of workers’ remittances amounted to $2.072 billion, which is all-time high mainly because of growth in spending due to Eid festivities and obligation of Zakat and Fitra.

• Saudi Arabia: $582.84 million
• UAE: $434.90 million
• GCC countries: US$232.27 million

GCC countries include Bahrain, Kuwait, Qatar and Oman.

Such growth in remittances is brushing aside an impression that overseas’ contribution to Pakistan dropped significantly due to unemployment crisis in Arab countries in the wake of declining oil prices.

The inflows position of the remittances has been normalized after seasonal adjustment. Because, the decline of inflows in July 2015 was recorded as massive remittances amount was sent by overseas Pakistanis before Eidul Fiter.

Besides, 10-day long Eid Holidays also impacted negatively on the remittances numbers.