July–August remittances rise to $3.5bn

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KARACHI: The inflow of foreign remittances has increased by 13 percent to $3.5 billion during first two months of current fiscal year, State Bank of Pakistan (SBP) said on Tuesday.
The central bank said that overseas Pakistani workers remitted $3.49 billion in the first two months (July to August) of FY18, compared with $3.09 billion received during the same period in the preceding year.
During August 2017, the inflow of worker’s remittances amounted to US $ 1954.46 million, which is 26.78 percent higher than July 2017 and 11 percent higher than August 2016.
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 $511.28 million, $440.38 million, $260.34 million, $249.14 million, $230.22 million and $62.75 million respectively compared with the inflow of $507.26 million, $401.18 million, $223.7 million, $192.64 million, $222.57 million and $43.5 million respectively in August 2016.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during August 2017 amounted to $200.35 million together as against $169.99 million received in August 2016.

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