Overseas Pakistanis remit US $9.7 billion in the first six months of FY18

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Foreign Exchange reserves decline

By Muhammad Luqman

Overseas Pakistani workers have remitted US $9744.75 million in the first six months (July to December) of FY18, compared with US $9505.11 million received during the same period in the preceding year.

According to State Bank of Pakistan (SBP), during December 2017, the inflow of worker’s remittances amounted to US $1723.57 million, which is 9.31% higher than November 2017 and 8.72% higher than December 2016.

The country wise details for the month of December 2017 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to US $431.97 million, US $396.74 million, US $234.76 million, US $223.3 million, US $188.76 million and US $54.87 million respectively compared with the inflow of US $475.75 million, US $339.95 million, US $182.19 million, US $181.85 million, US $203.63 million and US $35.09 million respectively in December 2016. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during December 2017 amounted to US $193.17 million together as against US $166.91 million received in December 2016.

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