$1.54 Billion in Remittances Posted in First Month of FY 17-18

Overseas Pakistani workers remitted $ 1.54 billion in the first month (July) of the fiscal year 2017- 2018 as compared with $1.3 billion received during the same period in the preceding year.

During July 2017, the inflow of worker’s remittances amounted to $1.5 billion, which is 16.2% less than June 2017 and 16% more than July 2016.

Remittance Received by Individual Countries

The country wise details for the month of July 2017 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar, and Oman) and EU countries amounted to $ 408.84 million, $ 334.63 million, $ 193.7 million, $ 199.18 million, $ 192.02 million and $ 52.08 million respectively compared with the inflow of $ 378.69 million, $ 293.72 million, $ 169.68 million, $ 143.61 million, $ 169.61 million and $ 35.74 million respectively in July 2016.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during July 2017 amounted to $161.22 million together as against $137.13 million received in July 2016.

One of The Biggest Receivers

Pakistan is one of the top remittance receiving countries in the world. According to United Nations International Fund for Agricultural Development, Pakistan ranks at number 5 with the 1st spot going to India, followed by China, Philippines and Mexico.

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Read More: Pakistan Among Top Remittances Receiving Countries in the World

The numbers aren’t very surprising as the World Bank predicted an increase in remittances received by Pakistan for FY 2017-2018. Pakistan’s remittance was expected to grow by 1.4% in 2017 compared to India’s 1.9% and Bangladesh’s 2.4%.