Workers remittances rise over 23% in July-Oct

Staff Report

KARACHI: Overseas Pakistani workers remitted an amount of $4.315 billion in the first four months, July to October of the current fiscal year 2011-12, showing an impressive growth of 23.24 percent or $813.66 million, when compared with $3.502 billion received during the same period of last fiscal year, July-October 2010.

The remittances received from all countries of the world showed growth during the first four months of current fiscal year. The inflow of remittances in July-October, 2011 from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman), and EU countries amounted to $1,145.38 million, $963.12 million, $795.35 million, $486.92 million, $486.15 million and $129.81 million respectively compared with the inflow of $764.31 million, $819.57 million, $666.27 million, $393.24 million, $416.91 million and $117.07 million respectively in July-October 2010. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first four months of current fiscal year, July October FY12, amounted to $308.34 million as against $324.03 million received in the first four months of last fiscal year, July-October 2010.

The monthly average remittances for the July-October 2011 period comes out to $1,078.77 million compared to $875.35 million during the same corresponding period of the last fiscal year, registering an increase of 23.24 percent.

In October 2011, an amount of $1,017.87 million was sent home by overseas Pakistanis, up 19.03 percent, when compared with $855.11 million received in the same month last year.

It may be pointed out that except for the month of September 2011, overseas Pakistanis have remitted over $1 billion in July and August of the current fiscal year.

In October 2011, the inflow of remittances from Saudi Arabia, UAE, USA, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK, and EU countries amounted to $291.20 million, $216.50 million, $167.60 million, $131.54 million, $117.56 million and $28.08 million respectively compared with the inflow of $187.99 million, $198.28 million, $154.35 million, $104.18 million, $96.35 million and $32.42 million respectively in October, 2010. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the fourth month of current fiscal year, October FY12 amounted to $65.39 million as against $81.53 million received in the fourth month of last fiscal year, October FY11.

The State Bank of Pakistan, Ministry of Finance and Ministry of Overseas Pakistanis had undertaken a joint initiative called ‘Pakistan Remittance Initiative (PRI)’ with a view to facilitating the flow of remittances in the country through formal channels. This initiative has shown remarkable progress.

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