Workers’ remittances rise 7.5pc in 5 months

KARACHI: State Bank of Pakistan (SBP) here Thursday said overseas Pakistani workers remitted US $ 8098.25 million in the first five months (July to November) of FY16, showing a growth of 7.57% compared with US $ 7528.1 million received during the same period in the preceding year.

During November 2015, the inflow of worker’s remittances amounted to US $ 1591.75 million, which is 3.36% higher than October 2015 and 18.45% higher than November 2014. The country wise details for the month of November 2015 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to US $ 487.28 million, US $ 349.83 million, US $ 231.28 million, US $ 188.88 million, US $ 189.43 million and US $ 29.42 million respectively compared with the inflow of US $ 429.09 million, US $ 272.87 million, US $ 189.95 million, US $ 163.7 million, US $ 152.45 million and US $ 24.53 million respectively in November 2014. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during November 2015 amounted to US $115.63 million together as against US $111.17 million received in November 2014.

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