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Remittances adult 19% in March, though nine-month figure still lower

  • April 10, 2017

PHOTO:FILE

KARACHI: Overseas Pakistani workers sent remittances amounting to $1.69 billion in March, an boost of 19% from Feb when it stood during $1.42 billion, according to information expelled by a State Bank of Pakistan (SBP) on Monday.

However, cumulatively, a figure fails to communicate a whole design as remittances during a initial 9 months (July-March) of a stream mercantile year declined to $14.06 billion from $14.39 billion in a same duration of prior mercantile year – a tumble of 2.29%.

Remittances from Saudi Arabia take a strike in January

Additionally, a nation perceived $1.69 billion in March, down 1.1% compared to $.171 billion in a same month of a prior year.

Remittances play a vital purpose in stabilising Pakistan’s outmost sector, as they make adult roughly half a import check and cover a necessity in a trade of products account. Nevertheless, in new times, they have come underneath vigour due to tellurian mercantile slack on a behind of low wanton oil prices.

Country correct sum for a month of Mar uncover that a influx of remittances from Saudi Arabia – a nation that hosts a largest diaspora of Pakistanis (about 2.2 million) in a universe – came down to $504.6 million, compared to $514.8 million in a same month of a prior year.

July-December: Remittances slip down 2.27% year-on-year

A arch reason for this could be that a dominion deported some-more than 39,000 Pakistanis in a past few months due to low oil prices and flourishing confidence concerns.

Meanwhile, supports from other Gulf countries – incompatible a UAE – also declined to $197.21 million from $212.47 million in a March-on-March comparison. Similarly, remittances from a UAE forsaken to $363.24 million from $396.35 million in a same duration underneath review.

Under a same March-on-March comparison, remittances from a European Union countries augmenting to $38.85 million from $26.61 million and inflows from a United States augmenting to $213.29 million from $202.73 million. Similarly, influx from a United Kingdom augmenting to $209.14 million from $202.37 million.

Remittances in Nov adult 3.27% year-on-year

Declining exports and a light slack in remittances have been a vital regard for a mercantile stakeholders of Pakistan. The nation perceived remittances amounting to $19.9 billion in a mercantile year 2015-16, adult 6.4% from a prior year.

Analysts have warned that a country’s unfamiliar pot competence exhaust quick in a entrance months unless a policymakers take critical stairs in augmenting exports on tolerable basis. However, a 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: https://tribune.com.pk/story/1380086/remittances-19-march-nine-month-figure-still-lower/

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