Remittances by OSPs increase 23% in 8 months

Remittances sent by Overseas Pakistanis (OSPs) surged by 23 per cent in the first eight months of the current fiscal year. The Gulf States appeared to be the real booster of this flow of much needed foreign exchange to Pakistan which accounted for 60 per cent of the entire remittances. The State Bank reported on Saturday that the country received a total of $8.592 billion during this period which was 23 per cent ($1.629) higher than the eight months of the previous fiscal year. The ever-increasing remittances being sent by the overseas Pakistanis are working miracles with economy, and helping the country remain within a manageable size of the current account deficit. While the external fronts of the economy awaiting serious consequences of halt of foreign inflows from IMF and other donors, the rising petroleum prices is eating up the already falling foreign exchange reserves of the country. Remittances from Arab countries are rising and accounted for 60.5 per cent of the entire remittances. A total of $5.197 billion were received from Saudi Arabia, UAE and GCC states during this period, up by $1.187 billion compared to eight months of previous year.