The remittances by overseas Pakistani saw a double digit growth of 11 percent year-on-year due to the season of Eid ul Azha.
According to the State Bank of Pakistan (SBP), the inflow of worker’s remittances amounted to US $ 1954.46 million during August 2017, which is 26.78% higher than the figures from July 2017 and 11% higher than in August 2016.
Hundreds of thousands of Pakistanis expatriate living in different countries sent money to their homeland this Eid. Most of the money was sent to families and charities for performing the obligations of animal sacrifice, which resulted in handsome inflows of remittances in Pakistan.
Remittances By Country
The country-wise details for the month of August 2017 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to US $511.28 million, US $440.38 million, US $260.34 million, US $249.14 million, US $230.22 million and US $62.75 million respectively compared with the inflow of US $507.26 million, US $401.18 million, US $223.7 million, US $192.64 million, US $222.57 million and US $43.5 million respectively in August 2016.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during August 2017 amounted to US $200.35 million together as against US $169.99 million received in August 2016.
Overseas Pakistani workers remitted US $3496.13 million in the first two months (July to August) of FY18, compared with US $3089.02 million received during the same period in the preceding year.
Whooooa!