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Remittances decline by $613m in FY17

Remittances decline by $613m in FY17

KARACHI: Overseas Pakistani workers remitted $19303.58 million in FY17 (July to June), compared with $19916.76 million received during the same period in the preceding year.

During June 2017, the inflow of worker’s remittances amounted to $1839.96 million, which is 1.46 percent lower than May 2017 and 11.24 percent lower than June 2016. The country wise details for the month of June 2017 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $438.07 million, $414.22 million, $265.37 million, $252.46 million, $232.89 million and $56.97 million respectively compared with the inflow of $582.84 million, $434.9 million, $274.1 million, $309.27 million, $232.27 million and $50.33 million respectively in June 2016. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during June 2017 amounted to $179.98 million together as against $189.37 million received in June 2016.