, on the other hand, rose by 10.
The growth in overseas Filipino remittances
continued to provide support to the country's economy as a major driver of domestic demand.
welcomed the development, saying cash remittances
in 2017 proved to be resilient, despite 'pockets of political uncertainties across the globe.
7pc but the size of remittances
was limited to $371m.
Despite this recent decline, remittances
sent by migrants are still about double of what they were a decade ago, before the sharp decline in the global economy during the late 2000s.
During December 2017, the inflow of worker's remittances
amounted to US $1723.
This also sets us up for potentially high remittances
in December, since the growth in 2017 reported thus far has been below its pace from the previous year,' HSBC said.
Pakistan has achieved the highest compound annual average growth of 16 percent in remittances
during 2009-2016 amongst top 20 remittance
recipient countries, according to the World Bank's figures.
to the region that accounts for around 45 percent of global remittances
flow, dropped to $259 billion in 2016 from $269 billion in 2015-the largest drop since 2009.
It is the most convenient way to receive remittances
by beneficiaries in Pakistan getting free SMS alerts.
The bulk of remittances
comes from the oil-rich Gulf Arab states and from Africa, and are normally channeled to Lebanese banks, while the rest are invested in properties.
NBP is playing a major role in helping the growth of home remittances
to Pakistan through its streamlined and trusted services.