Workers’ remittances rise over 10% to $9 billion in first seven months of FY14

Karachi, February 11, 2014 (PPI-OT): Overseas Pakistani workers remitted an amount of $9033.41 million in the first seven months (July – January) of the current fiscal year 2013‐14 (FY14), showing a growth of 10.08 percent when compared with $8206.34 million received during the same period of last fiscal year (July- January FY13).

The inflow of remittances in July- January FY14 from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman), and EU countries amounted to $2596.86 million, $1785.84 million, $1441.42 million, $1309.31 million, $1048 million and $251.13 million respectively as compared with the inflow of $2292.02 million, $1669.36 million, $1324 million, $1155.35 million, $941.83 million and $217.89 million respectively in July- January FY13. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first seven months of current fiscal year amounted to $600.85 million as against $605.89 million received in the first seven months of last fiscal year.

In January 2014, the inflow of remittances from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman), and EU countries amounted to $393.12 million, $213.50 million, $193.01 million, $169.46 million, $150.31 million and $34.56 million respectively as compared with the inflow of $331.40 million, $208.46 million, $168.46 million, $150.34 million, $130.65 million and $29.12 million respectively in January, 2013. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the seventh month of the current fiscal year (January FY14) amounted to $89.43 million.

For more information, contact:
Syed Wasimuddin
Chief Spokesman
State Bank of Pakistan (SBP)
Tel: +9221 3921 2562
Fax: +9221 3921 2563
Email: syed.wasimuddin@sbp.org.pk