KARACHI: Overseas Pakistani workers remitted $8,592.79 million in first eight months (July 2011- February 2012) of current fiscal year 2011-12 (FY12), showing impressive growth of 23.40percent or $1,629.51 million when compared with $6,963.28 million received during same period of last fiscal year (July- February 2011).
Remittances received from all countries of the world showed growth in first eight months of current fiscal year. Inflow of remittances during July- February 2012 from Saudi Arabia, UAE, USA, UK, GCC states (including Bahrain, Kuwait, Qatar & Oman) and EU countries amounted to $2,325.98 million, $1,903.89 million, $1,525.45 million, $991.20 million, $968.91 million and $244.91 million respectively as compared with $1,563.00 million, $1,627.09 million, $1,298.26 million, $770.91 million, $820.02 million and $220.24 million respectively in July- February 2011, State Bank of Pakistan SBP said Friday.
Remittances from Norway, Switzerland, Australia, Canada, Japan and other countries in first eight months of current fiscal (July- February 2012) amounted to $632.45 million as against $663.73 million received in first eight months of last fiscal (July- February 2011).
Monthly average remittances for July-February 2012 period comes out to $1,074.10 million as compared to $870.41 million during corresponding period of last fiscal, registering increase of 23.40%. Last month, $1,156.81 million was sent home by overseas Pakistanis, up 36.86%, when compared with $845.28 million received in same month of February, 2011.
Almost all of this growth in remittances during February, 2012 over corresponding period of last fiscal year was through banking channels.
In February, 2012, inflow of remittances from Saudi Arabia, UAE, USA, UK, GCC states (including Bahrain, Kuwait, Qatar & Oman) and EU countries amounted to $317.51 million, $259.55 million, $197.14 million, $137.73 million, $123.50 million and $29.27 million respectively as compared with $209.60 million, $190.04 million, $152.55 million, $101.21 million, $98.55 million and $24.58 million respectively in February 2011.
Remittances from Norway, Switzerland, Australia, Canada, Japan and other countries in February 2012 amounted to $92.11 million as against $68.75 million received in same month (February 2011) of last fiscal.
The continued impressive growth in workers' remittances is result of efforts made by Pakistan Remittance Initiative (PRI) in collaboration with other stakeholders to facilitate both Overseas Pakistanis and their families back home.
Since its inception, PRI has taken number of steps to enhance flow of remittances through formal channels which include: (a) preparation of national strategies on remittances (b) taking all necessary steps to implement overall strategy (c) playing advisory role for financial sector in terms of preparing a business case, relationship building with overseas correspondents, creating separate efficient remittance payment highways and (d) becoming a national focal point for overseas Pakistanis through round the clock call centre (021-111-222-774) with toll free lines, separate web site etc.
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