RIYADH — Pakistan’s record-breaking inward remittances of $19.9 billion for the 2016 fiscal year (FY 2016) are powered by contributions from Pakistani expats in Saudi Arabia. The country has historically been Pakistan’s largest source of remittances, according to Xpress Money’s COO Sudhesh Giriyan.
Total remittances from Saudi Arabia to Pakistan for FY 2016 stood at $5.9 billion – almost 30% of Pakistan’s total remittances – as per the State Bank of Pakistan figures. Remittances from Saudi Arabia to Pakistan for FY 2016 were also up 6% from the previous fiscal year. June 2016 alone saw Pakistanis in Saudi Arabia remit $582.84 million back home.
Xpress Money has been engaging with the Pakistani expatriate community in the country for years now. The brand offers transfers at zero cost to Pakistan from over 200 locations throughout Saudi Arabia.
“There is a strong Pakistani population of anywhere between 1.5 to 2 million in Saudi Arabia, who actively send money home. We are very pleased to be the money transfer brand of choice for the expatriate Pakistani community in Saudi Arabia and show our appreciation through regular initiatives. For instance, we recently gave out 10-litre fuel coupons to all taxi drivers – mostly Pakistani – who remitted money with us. Xpress Money offers free and convenient money transfers for expatriate Pakistanis in KSA and enable them to contribute positively to their country’s economic growth,” Giriyan further said.
Global remittances contribute approximately 6.9% (as per World Bank) to Pakistan’s GDP, and are instrumental in powering the country’s recent economic growth. Overseas remittances improve disposable income and quality of life, translating into business activity and infrastructural development. FY 2016 saw remittances from around the world exceeding government targets by 6.8% according to Pakistan State Bank figures. — SG
