Workers remittances rise over 9% to $3.9 bln in first quarter of FY14: SBP

Workers’ remittances rise over 9% to $3.9 bln in first quarter of FY14: SBP

ISLAMABAD, Oct 10 (APP): Overseas Pakistani workers remitted an amount of $3,927.94 million in the first quarter (July – September) of the current fiscal year 2013-14 (FY14), showing a growth of 9.14 percent when compared with $3,599.11 million received during the same period of last fiscal year (July-September FY13). The inflow of remittances in July- September FY14 from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman), and EU countries amounted to $1106.17 million, $784.45 million, $624.80 million, $610.55 million, $447.14 million and $109.19 million respectively as compared with the inflow of $961.09 million, $753.09 million, $623.72 million, $500.15 million, $396.14 million and $97.05 million respectively in July- September FY13, a statement of the State Bank of Pakistan (SBP) issued on Thursday said.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first quarter of current fiscal year amounted to $245.64 million as against $267.87 million received in the first quarter of last fiscal year, it said.
The SBP said that in September 2013, the inflow of remittances from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman), and EU countries amounted to $373.58 million, $276.03 million, $173.87 million, $190.09 million, $151.24 million and $33.85 million respectively as compared with the inflow of $303.31 million, $247.29 million, $177.11 million, $166.09 million, $122.05 million and $33.48 million respectively in September, 2012.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during September 2013 amounted to $84.75 million.