• Friday, December 14, 2018

Foreign remittances sent by overseas Pakistanis increase by 13%

Discussion in 'Pakistan Economy' started by Chakar The Great, Oct 12, 2018.

  1. Chakar The Great

    Chakar The Great FULL MEMBER

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    Foreign remittances sent by overseas Pakistanis have increased by 13 per cent, 5.4 billion US dollars, in the first quarter of the 2018-2019 fiscal year (July 1-June 30), in comparison to the previous year, according to figures released by the State Bank of Pakistan (SBP) on Thursday.



    READ MORE: Dollar decreases by 1.40 rupee in interbank market
    The SBP reported that overseas Pakistani workers remitted 5.419 billion dollars during the period from July 2017 to September 2018, up 629 million dollars.

    Inflows from Saudi Arabia were the largest source of remittances. They amounted to 1.263 billion dollars in the first three months of the current fiscal year, up 2.9 percent as compared to 1.228 billion dollars in the corresponding period of last fiscal year.

    The highest rise in remittances was seen from Britain, which climbed 32.3 percent to 828.4 million dollars against 626 million dollars in the same period of last fiscal year.

    During the period under review, inflows from the United States rose to 759.4 million dollars, depicting an increase of 18 percent. Among the three major corridors of home remittances, Saudi Arabia is still the largest contributor to remittances inflows into Pakistan, despite lower growth compared to Britain and the United States.

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    Local economists believed that the rise in remittances in the first three months of current fiscal year is a positive sign for the incumbent government as it can play a key role in reducing the country's current account deficit.
     
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  2. 313ghazi

    313ghazi SENIOR MEMBER

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    With the exchange rate what it is right now, you watch how much more comes in! People are queing up to send £££ back home.
     
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  3. Hassan Guy

    Hassan Guy SENIOR MEMBER

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    I mean thats whats pretty much running the economy these days
     
  4. Mrc

    Mrc SENIOR MEMBER

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    Interesting to see latest figures for export import also
     
  5. Imran Khan

    Imran Khan PDF VETERAN

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    what is the benefit of all this money will go back to IMF . our major portion of budget went to pay debt