Remittances decline by over $1bn

Remittances decline by over $1bn

KARACHI: Remittances sent by overseas Pakistanis has registered a straight decline of over one billion dollars in
the first two months of the current fiscal year, the central bank said in Pakistan economy.

The statistics showed that remittances received during during July-August were $3.089 billion
compared to $3.190 billion sent from abroad the same period last year. The numbers showed a downfall of $1.016 billion.

However, during August 2016, the inflow of worker’s remittances amounted to $1.76 billion, which is
32.57 percent higher than July 2016 and 15.3 percent higher than August 2015.

In August inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman)
and EU countries amounted to $507.26 million, $401.18 million, $223.7 million, $192.64 million, $222.57 million
and $43.5 million respectively.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries
during August 2016 amounted to $170 million together as against $97.33 million received in August 2015.

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