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SBP: Foreign Workers’ Remittances rise 5.4% to $3.1 billion in FY16

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ISLAMABAD: According to External Relations Department of State Bank of Pakistan (SBP), overseas Pakistani workers has remitted $3.1 billion in the first two months (July to August) of FY16.

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During the month of August 2015, foreign remittances were $1.52 billion that were 8.21% higher than remittance of July 2015 and 13.04% higher than August 2014. This is the highest figure achieved in the first two month of FY16.

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The country wise details for the month of August 2015 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $483.29 million, $319.15 million, $199.57 million, $206.29 million, $193.75 million and $27.75 million respectively.

The remittances from the same countries during August 2014 were $396.9 million, $286.69 million, $212.94 million, $176.19 million, $153.85 million and $33.33 million respectively in August 2014.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during August 2015 amounted to $97.26 million together as against $90.96 million received in August 2014.

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