Business

Remittances From Overseas Pakistanis Witness a 2.3% Drop in FY17

In a statement issued earlier this week, the State Bank of Pakistan (SBP) has observed that the remittances submitted by the overseas Pakistani workers have been US$ 14057.67 million in first nine months- July to March, of the fiscal year-FY17.

Remittances have always played a crucial part in making the economy grow of our country; they surely act as a tire, which propels prosperity in the country. It is definitely an integral part of our economy which just can’t be ignored. However, remittances can be seen as a double edged sword, as growing dependence on remittances would force the economy less breathing space than before and any disruption in the flow would cause major repercussions for the economy.

Also Read: Fiscal Catastrophe: Each Pakistan Under a PKR 115,000 Debt

If we compare this year’s figure to the last year, an amount of US$ 14387.79 million was received during the same period. As can be seen, the difference between the two corresponding values is a quite noticeable 2.3%. In contrast to the the inflows of workers remittances in March 2017, standing at US$ 1694.37 million have been 1% lower than March 2016. The value has, however, been 19.58% higher than February 2017.

The country wise breakdown for remittance submission during the month of March 2017, gives an interesting picture:

Saudi Arabia US$ 504.6 million
UAE US$ 363.24 million
USA US$ 213.29 million
UK US$ 209.14 million
GCC countries (that include Bahrain, Kuwait, Qatar and Oman) US$ 197.21 million
European Union US$ 38.85 million

However, if compared to the remittances of March 2016, we get a different picture altogether: 

Saudi Arabia US$ 514.8 million
UAE US$ 396.35 million
USA US$ 202.73 million
UK US$ 202.37 million
GCC countries (that include Bahrain, Kuwait, Qatar and Oman) US$ 212.47 million
European Union US$ 26.61 million

Quick Read: 2017 – Economic Indicators Predictions For Pakistan

The SBP statement further went to reflect that remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries amounted to a total of US$ 168.04 million in March 2017, as against US$ 155.82 million which was received in March 2016.

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