Pakistan Today

Remittances grow 7pc to $2.6bn in two months

The Pakistanis working abroad remitted over $2.637 billion during the first two months, July– August, of current fiscal year 2013‐14 (FY14). This shows a growth of 7.05 percent when compared with $2.463 billion the dollar-hungry country received during the corresponding period of last fiscal year, July- August FY13. The central bank Thursday reported that during the months under review the inflow of remittances from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman), and EU countries amounted to $732.50 million, $506.78 million, $448.60 million, $419.74 million, $295.59 million and $74.97 million, respectively. This was compared to the last year’s inflows of $657.78 million, $505.80 million, $446.61 million, $334.06 million, $274.09 million and $63.57 million from the above destinations, respectively. The receipts from Norway, Switzerland, Australia, Canada, Japan and other countries during the first two months amounted to $159.09 million as against $181.78 million received in the first two months of last fiscal year. In August 2013, the inflows from Saudi Arabia, UAE, USA, UK, GCC countries and EU countries amounted to $321.77 million, $254.37 million, $215.54 million, $197.81 million, $134.15 million and $36.38 million, respectively. Compared with this, the country received in FY13 $308.12 million, $265.26 million, $231.31 million, $185.57 million, $133.73 million and $32.74 million, respectively, in August, 2012. The remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the second month of the current fiscal year (August FY14) amounted to $72.86 million.

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