July-February workers'' remittances down 2.47 percent

Worker''s remittances maintained a downward trend declining slightly by 2.47 percent during the first eight months (July-Feb) of this fiscal year (FY17). According to State Bank of Pakistan (SBP), overseas Pakistani workers remitted an amount of $12.363 billion in July to February of FY17 compared with $12.677 billion received during the same period in the preceding year, showing a decline of $314 million. The detailed analysis revealed that major decline was witnessed in the inflows from US, UK and Saudi Arabia.
Workers'' remittances from US fell by 8.43 percent to $1.516 billion in the first eight months of this fiscal year compared to $1.656 billion in the same period last fiscal year. Similarly, inflows from UK decreased to $1.446 billion in July-February of FY17 against $1.606 billion in the corresponding period of last fiscal year, showing a decline of 10 percent or $160 million. With 6.8 percent decline, inflow from Saudi Arabia stood at $3.573 billion in first eight months of this fiscal year compared to $3.834 billion in the same period of last fiscal year.
Home remittances inflows during February 2017 are some 4.7 percent lower than January 2017 and 7 percent less than February 2016. During February 2017, the inflows of worker''s remittances amounted to $1.417 billion against some $1.487 billion in January 2017 and an amount of $1.522 billion in February 2016. The country-wise details for February 2017 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $404.39 million, $320.24 million, $177.76 million, $170.55 million, $168.2 million and $31.7 million, respectively compared with the inflow of $475.07 million, $320.37 million, $182.17 million, $179.65 million, $197.63 million and $35.37 million, respectively in February 2016.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during February 2017 amounted to $144.08 million together against $131.66 million received in February 2016.