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Pakistan remittance from Kuwait grows to 9.42 pct $558.29 mn remitted in 1st 10 mths

ISLAMABAD, May 13, (KUNA): The overseas Pakistani workers in Kuwait remitted $558.29 million in the first 10 months (July- April) of this fiscal year, a growth of 9.42 percent compared with $511.08 million received in 2013 and $480.09 million in 2012, said official data. According to the Statistics & DWH Department of State Bank of Pakistan, the remittance received from Kuwait grew to 9.42 percent in 2014 as compared to 6.46 in 2013.

The remittance received from Kuwait was $56.57 million in April 2014 compared to 51.87 in April last year and $58.95 in March 2014. “The remittances are rising at the modest pace that is quite encouraging for the capital and financial accounts of the country,” according to a senior Pakistani economist, Maqsud Qadir who further said that data from State Bank has revealed that the Middle East countries took the lead in attracting remittances inflows in the current fiscal year with Kuwait holding a decent share in the workers’ remittances.

The overseas Pakistani workers remitted a total of $12.9 billion in the first 10 months (July-April) of this fiscal year, a growth of 11.45 per cent compared with $11.57 billion received during the same period of last year. The inflow of remittances in the 10- month period from Saudi Arabia, United States, United Kingdom, GCC countries including Kuwait, Bahrain, Qatar and Oman, and the European Union (EU) amounted to $3.8 billion, $2.52 billion, $2.02 billion, $1.8 billion, $1.52 billion and $355.31 million respectively.

The Middle East showed a mixed picture: robust economic activity in Saudi Arabia, Kuwait and Abu Dhabi helped increase Pakistan’s remittances, inflows from Oman and Qatar were stagnant, while inflows from Dubai and Sharjah fell. Over the last few years, workers’ remittances have become one of the most important sources of forex receipts on the back of the rising number of Pakistanis seeking employment abroad.

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