Remittances By Overseas Pakistani Decline By $613 Million In June 2017 Compared To June 2016

The Pakistani living abroad sent $19303.58 million in 2017 from July to June. Last year the money send by overseas Pakistani in similar time was $19916.76 million. Specifying it to months now, in June the remittances send were $1839.96 million. This is 11.24% less than last June and 1.46% less than May 2017.

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We will look in to the remittances send in June 2017 in Pakistan country vise

Remittances sent in June 2017 compared to June 2016 from overseas Pakistani working in Saudi Arabia $438.07 million and $582.84 million respectively.

From UAE in 2017, $414.22 million were received while in 2016 $434.9 million received.

From USA $265.37 million received in 2017 while, $274.1 million in 2016. UK expatriates sent $252.46 million in 2017 and $309.27 million in 2016. GCC countries sent $232.89 million in 2017, little over in 2017 as compared to $232.27 million in 2016.

From EU little improvement was seen with $56.97 million in 2017 while, $50.33 million in 2016.

The remittances combined from  Norway, Switzerland, Australia, Canada, Japan and other countries in June 2016 was $189.37 million while in June 2017 it was $179.98 million.

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When we compare the remittances send country vise in June 2016 with June 2017, it is seen that last year more remittances were send from each and every country. So it is not just a situation with Pakistani workers working in a specific country. All around the world Pakistani workers send fewer payments this June compared to last June. What could possibly be the reason for it? Maybe the workers going abroad are more and more but payments given to them are getting less, or they might not be sending the amount of money they used to last year. Unemployment and inflation maybe rising for Pakistani overseas workers, so we need to be cautioned about it.

Secondly, GCC and EU countries were up, the most affected countries are KSA and UAE, this could be for another reason as well. Problems in KSA and UAE forced many expatriates to come back to the country. KSA economic and political situation has curbed the economy and development projects of the country which also reflects in UAE, this could be the root cause of huge decline in remittances.

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