Remittances grow by 16pc in July 2017

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KARACHI: Remittances sent home by overseas Pakistanis have registered 16 percent growth in the first month of current fiscal year. The overseas Pakistani workers remitted $1.541 billion in the first month (July) of 2017/2018 as compared with $1.328 billion received during the same month in the preceding year, State Bank of Pakistan (SBP) said on Thursday.
During July 2017, the inflow of worker’s remittances amounted to US $ 1541.67 million, which is 16.2 percent less than June 2017 and 16 percent more than July 2016.
The country wise details for the month of July 2017 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to US $ 408.84 million, US $ 334.63 million, US $ 193.7 million, US $ 199.18 million, US $ 192.02 million and US $ 52.08 million respectively compared with the inflow of US $ 378.69 million, US $ 293.72 million, US $ 169.68 million, US $ 143.61 million, US $ 169.61 million and US $ 35.74 million respectively in July 2016. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during July 2017 amounted to US $161.22 million together as against US $137.13 million received in July 2016.

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