This July the remittances were up as compared to last year July, overseas Pakistani workers have sent $1541.67 million to Pakistan in July the first month of Financial Year 2018. Previously in July 2017, the total overseas remittances were $1328.18 million.
However, the inflow of remittances was down by 16.2% in July 2017 as compared to previous month June 2017, people sent 16% less money in July. Saudi Arabia was at the top of the list who contributed most in remittances followed by UAE, UK and USA.
Overseas Pakistanis in KSA sent $408.84 million, UAE contributed $334.63, the UK shared $199.18 million and the USA had 193.7 million. After that GCC countries also contributed a large portion of remittances equal to $192.02 including Kuwait, Bahrain, Oman and Qatar.
On the other hand, remittances received from other countries such as; Norway, Australia, Switzerland, Japan, Canada and some others in July 2017 came to $161.22 million which was up as compared to the previous period July 2016 when it totalled to $137.13.
Remittances to Pakistan by overseas workers serve as fresh oxygen into the body, the flow of money keeps pumping the oxygenated blood into Pakistan’s economy which keeps it healthy.