Overseas remittances rose 13.2pc for July and August says: SBP

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Karachi: State Bank of Pakistan on Thursday released data for remittances set by overseas Pakistani workers for two months of July and August.

A 13.2pc rise in remittances was recorded for the first two months of financial year 2017-18, as inflows recorded an increase in the aforementioned period to reach $3.09b.

An increase of 11pc was recorded in the flow of remittances on a year-on-year (YoY) basis when it was recorded at $1.76b.

Remittances from Saudi Arabia recorded the highest rise of 3.86pc on a YoY basis touching $920.12m. And remittances from the US touched $454m, increasing 15.4pc from a year ago.

Inflows from the UK in terms of remittances registering a 33.3pc rise to touch $448m during August. Remittances from Dubai touched $578.29m rising 31pc. On a whole, remittances from entire UAE touched $775m, recording a rise of 11.5pc from a paltry 1.2pc increase reported in same period last year (SPLY).

Remittances from the European Union escalated by 45pc during July-August 2017 in comparison to 31.5pc rise reported last in SPLY. Inflows from EU were recorded at $114.8m for July and August.