- How Much Longer Will We, a People, Accept a Fact That Our Government Ignores Us?
- How Can ADHD Affect Your Life?
- Ja’Mal Green Takes Top Spot on Mayoral Ballot
- Rick and Morty Prefinale Season 6 Review
- TNS, and My Endeavor Into It
- Actress Kirstie Alley Dies during Age 71
- The USPS Is a Hot Mess and Needs a Major Reformation
- Do It Now: There Is No Promise That Tomorrow Is a Reality
- Kanye West Seems to Have Lost His Mind
- Why World AIDS Day Is Important [Video]
Remittances from Saudi Arabia take a strike in January
- Updated: February 10, 2017
Inflow comes down to $434.2m compared with $463.4m in Jan 2016 PHOTO: REUTERS
KARACHI: Overseas Pakistani workers sent $1,488 million in Jan 2017, adult 1.45% compared with a same month final year, according to a State Bank of Pakistan (SBP) data.
However, sum remittances in a initial 7 months (July to January) of mercantile year 2017 came down by 1.8% to $10.95 billion from $11.15 billion in a same duration 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 necessity in a trade of products account.
Pakistan’s remittances, like many other building countries, have come underneath vigour due to universe mercantile slack especially since of low wanton oil prices.
Country-wise breakup
The country-wise sum for a month of Jan 2017 uncover that influx of remittances from Saudi Arabia – a nation that hosts a largest diaspora of Pakistanis (about 2.2 million) – significantly came down to $434.15 million compared with $463.44 million in Jan 2016.
Recently, a Saudi journal while quoting confidence sources pronounced that some-more than 39,000 Pakistanis have been deported from Saudi Arabia in a past 4 months.
Remittances in Nov adult 3.27% year-on-year
Analysts contend pursuit waste due to record low oil prices and flourishing confidence concerns are some of a vital reasons because a dominion is quick deporting foreigners. This can emanate problems for Pakistan as it competence accept low remittances in entrance months from Saudi Arabia.
Money entrance from GCC countries (including Bahrain, Kuwait, Qatar and Oman) declined somewhat to $186.41 million from $192.10 million in a duration underneath review.
Similarly, remittances from a EU countries declined to $31.69 million from $31.94 million.
However, income entrance from a United Arab Emirates (UAE) went adult to $323.11 million in Jan 2017 from $314.4 million in a same month of a prior year. Similarly, remittances from a US increasing to $175.01 million in Jan 2017 from $168.94 million.
Overseas workers:Remittances corner adult to $1.5b in October
Remittances from a United Kingdom (UK) also increasing to $180.91 million in Jan 2017 from $174.48 million in Jan 2016.
Combined remittances perceived from Norway, Switzerland, Australia, Canada, Japan and other countries during Jan 2017 significantly increasing to $156.44 million compared with $121.08 million perceived in Jan 2016.
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 a mercantile managers of a country.
Analysts advise a country’s unfamiliar pot competence exhaust quick in entrance months unless critical stairs are taken to boost exports on tolerable basis.