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Remittances up by 7pc

Remittances up by 7pc

LAHORE: Overseas Pakistanis remitted $2637.27 million in first two months (July & August) of the current fiscal year.

It shows a growth of 7.05 percent as compared to $2463.69 million received during the same period of last fiscal year, said a statement by State Bank of Pakistan.

The inflow of remittances in July-August from Saudi Arabia, UAE, USA, UK, GCC countries including Bahrain, Kuwait, Qatar and Oman and EU countries amounted to $732.50 million, $506.78 million, $448.60 million, $419.74 million, $295.59 million and $74.97 million respectively as compared to the inflow of $657.78 million, $505.80 million, $446.61 million, $334.06 million, $274.09 million and $63.57 million respectively in July-August FY12-13.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first two months of current fiscal year amounted to $159.09 million against $ 181.78 million received in the first two months of last fiscal year.

In August 2013, the inflow of remittances from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman), and EU countries amounted to $321.77 million, $254.37 million, $215.54 million, $197.81 million, $134.15 million and $36.38 million respectively as compared to the inflow of $308.12 million, $265.26 million, $231.31 million, $185.57 million, $133.73 million and $32.74 million respectively in August 2012. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the second month of the current fiscal year (August FY14) amounted to $72.86 million, the SBP statement said.