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The State Bank of Pakistan (SBP) said that the amount of overseas Pakistani remittances from July to August fell slightly to $ 17.46 billion.

Remittances during the first 11 months of the current fiscal year were $ 380 million, down 2.13% from the previous year.

The latest remittance figures do not reflect the normal inflow recorded during the Ramadan campaign, as overseas Pakistanis send charitable organizations, donations and Zakat each year. Analysts expect the inflow of Ramadan to be reflected in June figures.

Exchange companies said that remittances increased in Ramadan. But they do not have the data to back up their claims for the increased inflow to the holy month.

Internationally known charitable organizations in Pakistan draw hundreds of millions of dollars into donations and charities during Ramadan.

Details show rejected transfers from all major sources except the European Union.

The average monthly inflow this year is $ 15.87 million. In just one month after the end of 2016-17, the total amount of remittances for the current fiscal year is expected to be about $ 19 billion. However, Ramzan-related inflows can push annual figures close to the total for the previous year. The influx of Ramadan can usually be twice the monthly remittance.

Inflows grew 6.4 pct in 2015-16 with a peak of $ 191.5 billion. Remittances in the last fiscal year were higher than the annual target of $ 19 billion.

After 10 years of consistent growth, remittances have started to decline mainly due to a decline in global oil prices. It affected the Gulf States that hired millions of Pakistanis. Pakistan receives about 65% of the total remittances in the Middle East.

In Saudi Arabia, there has been the greatest influx in the last 11 months. Pakistan received $ 53 billion from the kingdom, down 6.57 percent from a year ago.

US and UK remittances also dropped 3.22% and 8.13%, respectively. The influx from the US in May and May was $ 2.18 billion and $ 2.1 billion.

Remittances from the United Arab Emirates were $ 3.9 billion, down 0.88 percent from a year earlier.

Remittances from the European Union (EU), the only region that entered the country in July and May, amounted to $ 425 million, up 15 percent from the previous year.

The influx of member countries of the Gulf Cooperation Council, excluding Saudi Arabia and the United Arab Emirates, fell 4.5% to $ 2.09 billion.

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