Overseas Pakistanis remit $1.6 billion in July 2014

KARACHI (INP): Overseas Pakistanis remitted an amount of $1,649.39 million in July 2014 of the current fiscal year (FY15), showing an impressive growth of 17.45 percent compared with $1,404.39 million received during the same month of the last fiscal year (FY14).

The inflow of remittances during July 2014 from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $454.47 million, $352.89 million, $257.08million, $247.96 million, $179.76 million and $44.32 million respectively compared with the inflow of $ 410.73 million, $2 52.41 million, $233.06 million, $221.93 million, $161.44 million and $3 8.59 million respectively in July 2013.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the last month amounted to $112.91million as against $ 86.23million received in the same month of the last fiscal year (FY14).

Economic analysts as the increased inflow during July,2014 was mostly due to Eidul Fitr as vast majority of Pakistani sent cash to their families or came to Pakistan to celebrate Eid. They the actual trend would be witnessed during the month of August, 2014.

 

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