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September 20, 2020

Pakistani Expatriates Send 6.2 billion in Remittances During July-Oct

Pakistanis expatriates sent $6.2 billion back home in remittances during the first four months of the 2016-17 fiscal year, according to the State Bank of Pakistan,  posting a slight decline when compared  with the same period last year.

During July-October, 2015, overseas Pakistani workers remitted $6.5 billion. During October 2016, the inflow of worker’s remittances amounted to US$ 1559.75 million, which is 3.1% lower than September 2016 and 1.2% higher than October 2015. Pakistani Americans remitted $184 million during July-October, 2016.

The country- wise details for the month of October 2016 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to US $ 470.17 million, US $ 358.38 million, US $ 183.19 million, US $ 173.38 million, US $ 183.13 million and US $ 35.35 million respectively.

This compared with the inflow of US $ 464.53 million, US $ 367.38 million, US $ 188.98 million, US $ 197.96 million, US $ 178.09 million and US $ 31.56 million respectively in October 2015. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during October 2016 amounted to US $156.15 million together as against US $112.71 million received in October 2015.

According to another report, foreign investors in Pakistan repatriated  $540 million in profit and dividends during the same period, compared with $667.6 million in the same period of last year.  Economists believe that investors  in petroleum refining, power, communication and oil and gas exploration sector  have increased spending on their expansion plans,  which has resulted in the overall decline in repatriation of profit by foreign investors.

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