Remittances rise 13.72pc to record $15.8b in FY2013-14

[Shabaz Sharif]

Increase 13.7% over last year; inflow from Saudi Arabia highest.

KARACHI: Overseas Pakistani workers remitted $15.8 billion in 2013-14, which translates into an increase of 13.7% over the remittances of $13.9 billion received in 2012-13.

According to data released by the State Bank of Pakistan (SBP) on Thursday, the inflow of remittances during 2013-14 from Saudi Arabia, United Arab Emirates, United States, United Kingdom, GCC countries (including Bahrain, Kuwait, Qatar and Oman), and EU countries amounted to $4.7 billion, $3.1 billion, $2.4 billion, $2.1 billion, $1.8 billion and $431.8 million, respectively.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during 2013-14 amounted to over $1 billion as opposed to $969.16 million received during the preceding fiscal year.

In June, the inflow of remittances from Saudi Arabia, UAE, US, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman), and EU countries amounted to $471.88 million, $295.63 million, $222.34 million, $200.82 million, $168.62 million and $37.42 million, respectively.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during June amounted to $102.57 million.

Published in The Express Tribune, July 11th, 2014

2013-14: Remittances clock in at $15.8 billion – The Express Tribune