Workers' remittances continued an upward journey and posted an increase of 6 percent in the first six months (July to December) of this fiscal year (FY16). Overseas Pakistani workers remitted $9.735 billion in the first six months of FY16 compared with $9.162 billion received during the same period in the preceding year, depicting a surge of $573 million.

During December 2015, the inflow of workers' remittances were amounted to $1.637 billion, which is 3 percent higher than arrived in November 2015 and 0.18 percent higher than December 2014. The country-wise details for the month of December 2015 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $503.2 million, $341.55 million, $212.1 million, $193.72 million, $213.29 million and $37.14 million respectively compared with the inflow of $499.09 million, $355.24 million, $256.08 million, $198.72 million, $191.48 million and $30.57 million respectively in December 2014. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during December 2015 amounted to US $136.06 million together as against US $102.88 million received in December 2014.

Copyright Business Recorder, 2016