Workers’ remittances rise 7.5% to $8 bn in five month of FY16

KARACHI: Overseas Pakistani workers remitted $8098.25 million in the first five months (July to November) of FY16, showing a growth of 7.57% compared with $7528.1 million received during the same period in the preceding year.

During November 2015, the inflow of worker’s remittances amounted to $1591.75 million, which is 3.36% higher than October 2015 and 18.45% higher than November 2014. The country wise details for the month of November 2015 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $487.28 million, $349.83 million, $231.28 million, $188.88 million, $189.43 million and $29.42 million respectively compared with the inflow of $429.09 million, $272.87 million, $189.95 million, $163.7 million, $152.45 million and $24.53 million respectively in November 2014. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during November 2015 amounted to $115.63 million together as against $111.17 million received in November 2014.

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