Foreign remittances record a 2pc fall on a YoY basis.
Karachi: Overseas remittances from expatriate Pakistani’s were recorded at $17.464b in the eleven months of Financial Year 2016-17 compared to $17.844b last year. Foreign remittances kept their downward trajectory to record a 2pc fall on a year on year (YoY) basis.
It was observed that major fall in remittances was recorded from Saudi Arabia, United States and the United Kingdom. Remittances from the Saudi Arabia declined to reach $5.032b in FY 2016-17 recording a fall of 6.57pc compared to $5.385b last year. Remittances from the US recorded a decrease of 3.22pc to reach $2.178b in FY 2016-17 compared to $2.251b last year. Remittances from UK also fell to $2.085b in FY 2016-17 recording a fall of 8.13pc in comparison to $2.270b last year.
The cumulative inflows from Norway, Switzerland, Japan, Canada, Australia and etc were recorded at $176.37m in comparison to $169.85m last year. Remittances from Saudi Arabia were recorded at $514.5m, US at $248.88m, UK at $239, UAE at $427.25m, EU countries at $51.19m and GCC countries (including Oman, Kuwait, Qatar and Bahrain) at $209.95m.
In May 2017, remittances from overseas amounted to $1.867b against $1.799b in same period last year, registering an annual increase of 3.77pc. In April, the remittances were recorded at $1.538b in comparison to May 2017.
