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How Much Remittances Pakistan Receive Money

How Much Remittances Pakistan Receive Money

How Much Remittances Pakistan Receive Money Pakistan is a major source of remittance that exceeds the flow of foreign investment. These remittances are considered to be a major source of foreign exchange, major export income and a substantial portion of revenues. Therefore, these remittances are considered to be the backbone of the Pakistani economy. Statistics show that the apparent increase in remittances was seen after the PRI (Pakistan Remittances Initiative) was established in 2009. Six years after the launch of PRI, the amount of remittance increased by $ 150 in partnership with the Central Bank of Pakistan and other stakeholders. As of this year, it is expected to exceed $ 15 billion this year, adding an excess amount of $ 9 billion to the country's foreign exchange reserves.

As discussed earlier, remittances have played an important role in stabilizing the country's economy and the factors that determine what is more useful are where and where it is derived. In this regard, there is a big role played by overseas Pakistanis. If the State Bank of Pakistan stressed the statistics for 2014-2015, the overseas Pakistanis sent a total of $ 18.4 billion. By the end of the previous fiscal year, Pakistan had spent $ 15.4 billion, or $ 1.8 billion, in June.

UK and US remittance

Major remittances in Britain and the United States between June and July amounted to $ 2.3 billion and $ 2.6 billion, respectively, as recorded by the State Bank of Pakistan. Annual transfers from the United States and Great Britain are 4.8% and 4.9%, respectively.

Largest remittance from KSA and UAE

The main part of the 2015 remittance to Pakistan came from the Kingdom of Saudi Arabia. It exceeded $ 5.6 billion in the first quarter of 2015. That amount was 19% over the last 12 months. In the United Arab Emirates (UAE), remittances increased by 35.3% to $ 4.2 billion on an annual basis. Many other Gulf states besides KSA and the United Arab Emirates (UAE) have a lot of money to send to Pakistan. They focus on the Gulf Corporation Countries (GCC), which earned $ 2.1 billion in July and June. 15.6% higher than previous transfers, as recorded in the previous fiscal year. In Oman, Bahrain and Qatar, remittances were $ 666.8 million, $ 389 million and $ 347.5 million, respectively. In Kuwait, the amount of remittances from 2014-2015 has increased to $ 748.1 million, a huge increase from the time of the previous remittance.

Other remittances from other countries, such as Japan, Norway, Switzerland, Australia, Canada and Japan, have increased $ 1,113 million to attract the fortunes of the Pakistani economy and enable economists to expect good results in the future A better prioritization and witty approach by finance ministers on matters related to remittances from other countries can produce good results in the form of production and development of the national economy.

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