$12.8 billion remittance received

Pakistan has received workers'' remittances amounted to $12.8 billion during the first eight months of this fiscal year (FY18). According to State Bank of Pakistan (SBP) overseas Pakistani workers have remitted $12.834 billion in July to February of FY18 compared with $12.411 billion received during the same period in the preceding year, showing a growth of 3.41 percent.
The surge in home remittance from US and UK was offset by some nine percent decline in the inflows from Saudi Arabia. During the period under review, workers'' remittances from US and UK increased by 12.22 percent and 23 percent to $1.712 billion and 1.786 billion respectively. However, home remittances inflows from Saudi Arabia declined to $3.263 billion in first eight months of this fiscal year.
During February 2018, the inflows of workers'' remittances were amounted to $1.451 billion, which is 11.5 percent lower thanJanuary2018 and 2.33 percent higher than February2017.
The country wise details for the month of February2018 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $348.31 million, $332.18 million, $207.27 million, $201.01 million, $149.4 million and $48.65 million respectively compared with the inflow of $404.39 million, $320.3 million, $177.76 million, $170.56 million, $168.2 million and $31.71 million respectively in February2017.
Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during February 2018 amounted to US $163.35 million together as against US $144.14 million received in February 2017.