Business

KARACHI (Staff Report) – The amount of money sent home by Pakistanis living abroad fell 20 by percent in July 2016

According to a report released by the central bank, Pakistani migrants sent $1.328 billion during the first month of the current fiscal year of 2016/17, compared with $1.663 billion in the corresponding month of last fiscal 2015/16. In July 2013/14 remittances came in at $1.404 billion, compared to $1.675 billion in July 2014/15.

Pakistan received $378.69 million in remittances from Saudi Arabia in July 2016, which was lower than $474.42 million fetched in the same month of last year.

Overall remittance inflows from the GCC countries slowed down in the first month of this fiscal year. Remittances from UAE declined to $293.72 million in July, compared with $367.51 million in July last year.

Overseas Pakistanis living in GCC countries sent back $169.61 million against $197.86 million during July 2015. If remittances from the bloc continue to drop at this pace, Pakistan may not uphold the balance of payments comfort it has been enjoying over the previous few quarters.

The country received an amount of $169.68 million from expatriates working in the US, compared with $255.32 million last year. Remittance flows from the UK fell to $143.61 million against $232.33 million in the corresponding month of 2015.