Remittances to Pakistan Continue to Decline in September 2017

Remittances are one of the major sources of income of foreign exchange for Pakistan. This Tuesday, a report regarding statistics of the workers’ remittances was released.

According to the report, remittances have decreased by 19.82% compared to the remittances sent in the same month last year. They amounted to $1.609 billion in September 2016 but this year, the number has been reduced to $1.29 billion.

The inflow in the month of September is 33.79% lesser than the inflow in August. From the months of July till September of this year, the remittances stood at $4.79 billion. This was an increase from $4.74 billion in remittances in the same time period last year.

Country-wise details of remittances of September 2017 compared to those of September 2016

Country September 2017 September 2016
Saudia Arabia $ 308.05 million $437.87 million
UAE $ 302.77 million $361.9 million
USA $ 171.9 million $211.14 million
UK $ 194.76 million $210.22 million
GCC countries* $ 141.02 million $182.18 million
EU $ 45.07 million $43.60 million

*GCC countries(including Bahrain, Kuwait, Qatar, and Oman)

Residents of Norway, Switzerland, Australia, Canada, Japan and other countries contributed $130.31 million this year, whereas last year in September, the remittances from these countries were $165.45 million.

The remittances in the country have generally declined in the past year. There can be many reasons behind it but it can be very dangerous for the economy of Pakistan as the remittances play a pivotal role in the earnings of foreign exchange.

If the role of remittances in country weakens, there will also be an increase in the pressure on the government of Pakistan to keep the balance of payments.

Via Pkrevenue

    • Because Pakistani are getting kicked out from every country — so they are coming back to Pakistan unemployed — hence remittances are declining — Fatima Qadri, I urge you to do a piece on how this is happening according to a plan to run Pakistan to the ground, ever since Imran Khan declared that NRPs were one of the largest sources of foreign reserves for Pakistan, almost all countries who were against Pakistan, specially India have worked extremely hard to ensure that governments, specially in the Middle East, fire Pakistani staff (not just laborers, but even highly educated senior staff).
      Pakistanis need to be woken up about this huge issue that will hit Pakistan very soon, and we need to wake up — since incompetent and sold-out government never will.

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