KARACHI: Pakistan received more than $11.5-billion remittances during the last nine months, which has provided strong support to the economy facing current account deficit and low reserves.
The State Bank reported on Thursday that overseas Pakistani workers remitted $11.582bn in the first nine months (July-March) of this fiscal year (FY14), showing a growth of 11.87 per cent compared to $10.353bn received during the same period of last fiscal year (FY13).
The inflows from all the traditional sources including Saudi Arabia, UAE, the United States, have increased. Pakistan received $13.9bn remittances in FY13. If the growth rate of 11.9 per cent remains constant, the country may receive up to $15.5bn till end of FY14.
