July-December: Remittances slip down 2.27% year-on-year
PHOTO:FILE
KARACHI: Overseas Pakistanis sent remittances amounting to $9.46 billion in a initial 6 months (July to December) of 2016-17, down 2.27% compared with $9.68 billion a nation perceived during a same duration in a preceding year, according to information expelled by a State Bank of Pakistan (SBP) on Tuesday.
Pakistan’s remittances, like many other building countries, have come underneath vigour due to universe mercantile slack especially since of low wanton oil prices.
Overseas workers:Remittances corner adult to $1.5b in October
Remittances play a vital purpose in stabilising Pakistan’s outmost sector, as they make adult roughly half a import check and cover necessity in a trade of products account.
During Dec 2016, a influx of worker’s remittances amounted to $1.58 billion, down 1.2% compared with Nov 2016 and Dec 2015.
Remittances tumble 9.3% in September
Country correct breakup
Inflows from Saudi Arabia were a largest source of remittances in Nov-Dec. They amounted to $475.75 million, down from $501.99 million a preceding mercantile final year.
Remittances perceived in Dec from a United Arab Emirates (UAE) increasing to $339.93 million on a year-on-year basis.
Inflows from USA and UK decreased from $208 million and $190.57 million to 182.17 million and $181.85 million, respectively.
Remittances from Gulf Cooperation Council (GCC) countries, incompatible Saudi Arabia and a UAE, clocked in during $203.63 million, down from$209.5 million than a remittances perceived from these countries in a same months of a preceding mercantile year.
Remittances from EU countries in Nov-Dec equalled $35.08 million.
Additionally, remittances perceived from Norway, Switzerland, Australia, Canada, Japan and other countries during Dec 2016 amounted to $165.76 million together compared with $131.24 million perceived in Dec 2015.
Remittances in Nov adult 3.27% year-on-year
Pakistan perceived remittances amounting to $19.9 billion in 2015-16, adult 6.4% from a prior year.
Declining exports and a light slack in remittances are vital hurdles for mercantile managers of a country. However, a State Bank of Pakistan (SBP) is assured that a nation faces no evident hazard from a slack in remittances and it is in a most improved position to repay debts in a subsequent 4 to 5 years.
Article source: http://tribune.com.pk/story/1290484/july-december-remittances-slide-2-27-year-year/