Workers’ remittances increase

Workers’ remittances increase

KARACHI: Overseas Pakistani workers remittances grew by 9.46 percent to $7,790.02 million in the first half (July-December) of the current fiscal year 2013-14 (FY14) as against $7,116.75 million received during the same period of last fiscal year (July-December FY13), State Bank of Pakistan statistics stated. 
The inflow of remittances in the current fiscal year from Saudi Arabia, United Arab Emirates (UAE), United States of America (USA), United Kingdom (UK), other Gulf Cooperation Council (GCC) countries (including Bahrain, Kuwait, Qatar and Oman), and European Union countries amounted to $2,203.74 million, $1,572.34 million, $1,248.41 million, $1,139.85 million, $897.69 million and $216.57 million as compared with the inflow of $1,960.62million, $1,460.90 million, $1,155.54 million, $1,005.01 million, $811.18 million and $188.77 million, respectively in July-December FY13. 
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first half of current FY14 amounted to $511.42 million as against $534.68 million received in the first half of last fiscal year. 
In December 2013, the inflow of remittances from Saudi Arabia, UAE, USA, UK, other GCC countries (including Bahrain, Kuwait, Qatar and Oman), and EU countries amounted to $410.01 million, $275.12 million, $223.96 million, $177.09 million, $165.05 million and $37.43 million as compared with the inflow of $351.17 million, $220.28 million, $161.97 million, $159.15 million, $134.49 million and $27.61 million, respectively in December 2012. 
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during December 2013 amounted to $2.50 million, $2.62 million, $12.54 million, $12.15 million, $530,000 and $65.71 million as against $3.64 million, $3.21 million, $14.27 million, $14.82 million, $880,000 and $43.17 million, respectively in December 2012.


 


Month-wise Comparison


 


FY14FY13YoY growth
July$1,404.39m$1,204.71m16.57%
August$1,240.14m$1,258.98m-1.5%
September$1,283.41m$1,135.42m13.03%
October$1,347.67m$1,365.10m-1.28%
November$1,129.70m$1,017.83m10.99%
December$1,384.71m$1,134.70m22.03%


July-december


FY14
$7,790.02m
FY13
$7,116.75m
Yearly growth
9.46%


Monthly average


 


FY14
$1,298.34m
FY13
$1,186.12m
Yearly growth
9.46%

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