KARACHI: Remittances from overseas Pakistanis during the first five months of this fiscal year shot up by 15.5 per cent to $7.398bn from $6.407bn a year earlier, the central bank said yesterday.
At the same time, there is fear that massive fall in OIL PRICES could lead to retrenchment of thousands of Pakistanis working in the oil-rich Gulf countries. Over 40pc drop in oil prices can simply not be fully cushioned.
The State Bank reported that during November 2014, the inflow of workers’ remittances amounted to $1.320bn, which is 4.5pc lower than October 2014 but 16.8pc higher than November 2013.
The largest amount was received from Saudi Arabia. Other Gulf countries would also face a cut in their oil incomes which might ultimately hit Pakistan in the form of job cuts and low exports to these countries. The country’s total liquid foreign exchange reserves increased to $13.922bn during the week ending December 5 compared to $12.993bn the previous week.
Of the total reserves $9.203bn was held by the SBP and $4.719bn by other banks, the State Bank announced yesterday.
Internews
