Pakistani workers living in GCC states remitted an amount of $1.860 billion in FY14, compared with $1.237 billion in FY10.
“The conflict between Saudi Arabia and Yemen is unlikely to have broad impact on our economy,” said Salim Raza, former governor SBP.
“This is an internal tension between the both countries. We have to wait to see weather conflict will prolong. It could be more pronounced for the Saudi economy if [it] continues for [too] long,” Raza said.
Faisal Mamsa of Landmark Capital said, “It’s highly likely that remittances will get adversely affected, not just due to the military operation but also because most GCC states are now running large budget deficits on the back of low oil prices.”
“But the effect may not be material because of the strong participation of the private sector and other lending institutions,” he added.
Crude oil prices remain under pressure in global commodities market following the ongoing tension in Middle East. The traders are eyeing weather the crisis will hit the supplies of the oil in the market or not.
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