Remittances jumped over $ 6.33bn

KARACHI: Overseas Pakistani workers remittances have jumped by 19.54 percent to over $ 6.325 billion in the first half (July-December 2011) of the current fiscal year 2011-12 (FY12) over same period last year.

According to SBP here on Tuesday, remittances have showed an impressive growth of $ 1.034 billion when compared with $ 5.291 billion received during the same period of last fiscal year (July- December 2010).

The inflow of remittances in July-December, 2011 from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $ 1,661.89 million, $ 1,412.92 million, $ 1,150.24 million, $ 726.35 million, $ 721.19 million, and $ 189.14 million respectively as compared with the inflow of $ 1,143.82 million, $ 1,255.65 million, $ 997.68 million, $ 577.17 million, $ 626.29 million and $ 172.10 million respectively in July-December, 2010.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first half of current fiscal year (July-December 2011) amounted to $ 463.61 million as against $ 518.69 million received in the first half of last fiscal year (July- December 2010).

The monthly average remittances for the July-December 2011 period comes out to $ 1,054.22 million as compared to $ 881.91 million during the same corresponding period of the last fiscal year, registering an increase of 19.54 percent.

Last month, an amount of $ 1085.35 million was sent home by overseas Pakistanis, up 25.75 percent, when compared with $ 863.13 million received in the same month of December, 2010.

In December 2011, the inflow of remittances from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $ 297.53 million, $ 245.67 million, $ 175.12 million, $ 132.05 million, $ 121.15 million and $ 28.88 million respectively as compared with the inflow of $ 208.06 million, $ 210.33 million, $ 156.36 million, $ 81.08 million, $ 95.99 million and $ 24.53 million respectively in December, 2010.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during December 2011 amounted to $ 84.95 million as against $ 86.76 million received in the same month (December 2010) of last fiscal year.

Copyright APP (Associated Press of Pakistan), 2012