KARACHI: Remittances sent by overseas Pakistani workers increased 13.2 per cent in the first two months of 2017-18, the State Bank of Pakistan (SBP) reported on Tuesday.
Inflows from all major sources rose in July-August, indicating that the trend of negative growth witnessed in 2016-17 has reversed. The country received $3.49 billion in the period under review compared to $3.09bn in the same two months a year ago.
Remittances from the United Kingdom increased 33.3pc, the largest jump from any major source of inflows. The United Kingdom was the fourth largest source of remittances during the two months as expatriates sent home $448 million.
The highest remittances were recorded from Saudi Arabia. Inflows from the kingdom grew 3.86pc year-on-year to $920.12m. The increase was in contrast with the negative growth rate of 7.5pc recorded over the same period a year ago. Remittances from the United States grew 15.4pc to $454m as opposed to negative growth of 13.5pc in the corresponding period a year ago.
The second-highest inflows were from Dubai. They amounted to $578.29m after registering an increase of 31pc. Inflows from Dubai recorded negative annual growth of 7.8pc in the same two months of the preceding fiscal year. Remittances from the entire United Arab Emirates grew 11.5pc to $775m against the growth rate of only 1.2pc registered in the similar period a year ago.
Remittances from the European Union registered the highest annual growth from any region. They surged 45pc in July-August compared to 31.5pc growth in the same period of the last fiscal year. Pakistan received $114.8m from the European Union in the two-month period.