Overseas Pakistanis remit US $ 8 billion

F.P. Report

KARACHI: Overseas Pakistani workers remitted US $8021.18 million in the first five months (July to November) of FY18, compared with US $7919.74 million received during the same period in the preceding year.

During November 2017, the inflow of worker’s remittances amounted to US $1576.72 million, which is 4.7% lower than October 2017 and 2.6% lower than November 2016. The country wise details for the month of November 2017 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to US $409.52 million, US $352.64 million, US $204.28 million, US $213.47 million, US $191.83 million and US $49.06 million respectively compared with the inflow of US $465.19 million, US $362.82 million, US $194.04 million, US $192.8 million, US $193.12 million and US $37.03 million respectively in November 2016. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during November 2017 amounted to US $155.92 million together as against US $173.35 million received in November 2016.

Revised instructions regarding making and dispatch of shipping documents by exporters: In wake of changing global trade practices and to facilitate exporters, the State Bank has relaxed its foreign exchange regulations allowing exporters to directly dispatch transport documents to the buyers abroad against shipments valuing upto US Dollar 100,000/- or equivalent. The authorized dealers (banks) have been advised to above effect vide F.E. Circular No. 11 issued today by the State Bank.

The development is expected to provide manifold benefits to the local exporters including reducing the cost of doing business, efficient processing of export documents and improving competitiveness of Pakistani exports in the international market.

Earlier, the carriers (shipping companies, airlines, railways, etc.) were required to draw the transport documents (bills of lading, airway bill, railway receipts, etc.) only to the order of an authorized dealer for exports taking place from Pakistan and the same were required to be dispatched to the buyer abroad through an authorized dealer.