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SBP: Foreign Workers’ remittances rise 15% in the first eight months of FY15

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ISLAMABAD: According to External Relations Department of the State Bank of Pakistan, overseas Pakistani workers remitted $13.33 billion in first nine months (July to March) of Fiscal Year 2015, showing an impressive growth of 15% as compare to $11.59 billion received during the same period of FY14.

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During March 2015, the inflow of worker’s remittances amounted to $1,576.9 million, which is 13.3% higher than February 2015 and 18% higher than March 2014.

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The country wise details for the month of March 2015 shows that inflows from Saudi Arabia, UAE, USA, UK, EU countries, and GCC countries –  including Bahrain, Kuwait, Qatar and Oman – and EU countries amounted to $489.70 million, $411.24 million, $199.24 million, $164.28 million, $196.07 million and $25.96 million respectively compared with the inflow of $425.53 million, $262.02 million, $195.45 million, $166.4 million, $164.03 million and $34.93 million respectively in March 2014.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during March 2015 amounted to $90.48 million together as against $89.49 million received in March 2014.

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