International Remittances Are In Constant Decline

State Bank of Pakistan says that Overseas Pakistani workers’ remittances declined by US$ 313.34 million in first eight months (July to February) of FY17.

Overseas Pakistani workers remitted US$ 12,363.3 million from July 2016 till February 2017, compared with US$ 12,676.64 million received during the same period in the preceding year.

During February 2017, the inflow of worker’s remittances amounted to US$ 1,416.92 million, which is 4.7% lower than January 2017 and 6.9% less than February 2016.

The country wise details for the month of February 2017 are as following:

  • Saudi Arabia: US$ 404.39 (US$ 475.07 million in Feb 16)
  • UAE: US$ 320.24 million (US$ 320.37 million in Feb 16)
  • USA: US$ 177.76 million (US$ 182.17 million in Feb 16)
  • UK: US$ 170.55 million: US$ 168.2 million (US$ 179.65 million in Feb 16)
  • GCC countries (including Bahrain, Kuwait, Qatar and Oman): US$ 168.2 million (US$ 197.63 million in Feb 16)
  • EU: US$ 31.7 million (US$ 35.37 million in Feb 16)

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during February 2017 amounted to US$144.08 million together as against US$131.66 million received in February 2016.