Over 23 percent rise in July-October remittances

RECORDER REPORT

KARACHI: Remittances from overseas Pakistanis amounted to $4.315 billion in the July-October period of the current fiscal year, showing an impressive growth of $813.66 million, or 23.24 percent, when compared with $3.501 billion received during the same period of last fiscal year. The 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 billion, $963.12 million, $795.35 million, $486.92 million, $486.15 million and $129.81 million respectively as 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 billion as 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, $1.017 billion was sent home by overseas Pakistanis, up 19.03 percent when compared with $855.11 million received in the same month last year. Except for September 2011, overseas Pakistanis remitted over $1 billion in July and August of the current fiscal year (FY-2012).

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 as 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, the Ministry of Finance and the 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.