Overseas Pakistanis Sent $1.76 billion to Pakistan for Eidul Azha

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Before Eid ul Azha during the month of August 2016, overseas Pakistanis transferred the funds of $1.76 billion to Pakistan which is 15.3% higher than the same month of previous year and 32.5% higher than the previous month of July 2016. The upcoming Eid festival and purchase of sacrificial animals is the main reason behind this increase of money send by overseas Pakistanis to their relatives.

Remittances from major countries according to the statistics of State Bank of Pakistan (SBP) are given here:

Remittances in August 2016

  • Saudi Arabia: $507.26 million
  • UAE: $401.18 million
  • GCC countries: $222 million
  • USA: $233.7 million
  • UK: $192.64 million.
  • Norway, Switzerland, Australia, Canada, Japan and other countries: $170 million
  • EU countries: $43.5 million.

Remittances in July 2016

The remittances by workers in July remained 36% lower than June 2016 and it remained $1.328 billion.

  • Saudi Arabia: $378.69 million,
  • UAE: $293.72 million
  • GCC countries: $169.61 million.

Remittances in June 2016

$2.072 billion remained the funds transfer during June 2016 by overseas Pakistanis and the reasons for this all time high remittances are the obligatory Zakat and Fitra and the spending on Eid ul Fitr festival.

  • Saudi Arabia: $582.84 million
  • UAE: $434.90 million
  • GCC countries: US$232.27 million

Bahrain, Qatar, Oman and Kuwait are included in the GCC countries.

Through these figures, it is clear that there is no reality in the speculations that contribution of overseas Pakistanis have dropped due to declining of oil prices that resulted in unemployment in Arab countries.

After seasonal adjustment, the percentage of remittances will be adjusted as it was seen in the month of July 2015 when Pakistanis sent additional amount of remittances due to last year’s Eid ul Fitr.

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