Overseas Pakistanis remit $15b in 10 months; Inflows from KSA highest

ISLAMABAD, MAY 12, 2015 (MAMOSA Report) — Overseas Pakistanis remitted almost $15 billion in the first 10 months of 2014-15 — an increase of 16% on year-on-year basis.

Inflows from Saudi Arabia were the largest source of remittances in the first 10 months of 2014-15. They amounted to over $4.5 billion in July-April, up 19.9% from the same 10 months of 2013-14, according to data released by the State Bank of Pakistan (SBP) on Monday.

remittance-july-apr-2015

Remittances received in July-April from the United Arab Emirates (UAE) increased 34.1% to $3.3 billion on a year-on-year basis. Inflows from the UAE registered the largest increase from any major remittance-sending country during the last 10 months, SBP data shows.

Remittances from the United States and the United Kingdom remained $2.1 billion and $1.8 billion, respectively, in July-April.

In the last fiscal year, overseas Pakistanis sent home $15.8 billion, which was 13.7% higher than the remittances of $13.9 billion received in 2012-13.

The monthly average of remittances during the first 10 months of 2014-15 remained $1.49 billion, which was up 16% from the monthly average of remittances amounting to $1.28 billion received in July-April of 2013-14.

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