Overseas Pakistani workers remitted $4,698.31 million in first three months (July to September) of fiscal year 2016, down from $4965.81 million received during the same period in the preceding year.
During September 2016, the inflow of worker’s remittances amounted to $1,609.29 million, which is 8.60% lower than August 2016 and 9.34% lower than September 2015.
The country wise details for the month of September 2016 show that inflows from various countries remained as following:
- Saudi Arabia: $437.87 million (Sep 2015: 483.21 million)
- UAE: $361.89 million (Sep 2015: $428.13 million)
- USA: $210.82 million (Sep 2015: $ 260.43 million)
- UK: $210.18 million (Sep 2015: $233.27 million)
- GCC countries (including Bahrain, Kuwait, Qatar and Oman): $182.16 million (Sep 2015: $201.34 million)
- EU countries: $43.6 million (Sep 2015: $33.31 million)
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during September 2016 amounted to $162.77 million together as against $135.46 million received in September 2015.
Slow inflows of foreign currency were witnessed from Saudi Arabia, United Arab Emirates (UAE), United States of America and United Kingdom during the period under review.
Analysts are expecting that cash flow would further weaken in the coming months as the Middle East’s economic slowdown has hit Pakistan workers living there.
Pakistan received an amount of $1.323 billion from the workers living in Saudi Arabia in July-September quarter of the current fiscal year, compared with $1.440 billion during the same quarter of the last fiscal.
Analysts said low oil prices and recently taken economic reforms in the Middle East are causing slow down in remittance inflows. Analysts expect Pakistan to witness a shortfall of up to one billion dollar in remittances from Saudi Arabia during the current fiscal year.