Home remittances by overseas Pakistani show improvement

Amanullah Khan

Karachi

Home remittances by overseas Pakistani have become a major source of external flows and have become more significant in the face of sluggish export trends, however the home remittances which were also on decline have shown the sign of improvement. Overseas Pakistani workers remitted US$ 12363.3 million in first eight months (July to February) of FY17, compared with US$ 12676.64 million received during the same period in the preceding year.
During February 2017, the inflow of worker’s remittances amounted to US$ 1416.92 million, which is 4.7% lower than January 2017 and 6.9% less than February 2016. The country wise details for the month of February 2017 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to US$ 404.39 million, US$ 320.24 million, US$ 177.76 million, US$ 170.55 million, US$ 168.2 million and US$ 31.7 million respectively compared with the inflow of US$ 475.07 million, US$ 320.37 million, US$ 182.17 million, US$ 179.65 million, US$ 197.63 million and US$ 35.37 million respectively in February 2016.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during February 2017 amounted to US$144.08 million together as against US$131.66 million received in February 2016.

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