Overseas remittances register increase in FY 2016
KARACHI: Overseas Pakistani workers sent remittances amounting to over $19.9 billion in 2015-16, up 6.4% from the preceding fiscal year, according to data released by the State Bank of Pakistan (SBP) on Friday.
As for the last month of 2015-16 alone, home remittances crossed the $2 billion mark for the first time in history. They clocked up at $2.1 billion in June, up 13.8% on a year-on-year basis. The hike in remittances in June can be attributed to Eid, as overseas workers send more money home for the annual celebrations.
The year-on-year increase in remittances was 18.2% in 2014-15, as Pakistanis based in foreign countries sent home $18.7 billion in the second-last fiscal year.