KARACHI: Overseas Pakistanis remitted over $1 billion for the second consecutive month. They remitted $1,030.42 million and $1052.90 million in April and March, 2011 respectively, State Bank of Pakistan said Tuesday.
This clearly indicates that remittances sent Overseas Pakistanis are continuously rising as amount of $9,046.60 million was received in first ten months (July-April) of current fiscal year 2010-11, showing increase of $1,740 million or 23.81 percent when compared with $7,306.60 million received over same period of last fiscal.
Remittances sent by Pakistani workers have already crossed $9 billion mark, which was the target in Annual Plan for FY11 for the whole fiscal year. Overseas Pakistani workers had remitted nearly $8.906 billion in last fiscal year (2009-2010), SBP said.
The inflow of remittances in July-April, 2011 from UAE, Saudi Arabia, USA, GCC states (including Bahrain, Kuwait, Qatar & Oman), UK and EU countries amounted to $2,091.33 million, $2,085.80 million, $1,677.88 million, $1,063.49 million, $990.92 million and $290.77 million respectively as compared to $1,663.17 million, $1,525.90 million, $1,461.80 million, $1,033.00 million, $734.59 million and $210.22 million respectively in July-April, 2010. Remittances from Norway, Switzerland, Australia, Canada, Japan and other countries in first ten months of current fiscal amounted to $846.36 million as against $676.90 million in same period last year.
Monthly average remittances for July-April 2011 comes out to $904.66 million as compared to $730.66 million during same corresponding period of last fiscal, registering increase of 23.81 percent.
In April 2011, remittances were up 36.34 percent or $274.65 million, when compared with $755.77 million received in same month last year. In April 2011, remittances from Saudi Arabia, UAE, USA, GCC states (including Bahrain, Kuwait, Qatar & Oman), UK and EU countries amounted to $263.80 million, $232.05 million, $186.83 million, $115.37 million, $111.39 million and $35.04 million respectively as compared to $183.13 million, $165.98 million, $144.09 million, $100.17 million, $73.62 million and $20.65 million in April 2010. Remittances from Norway, Switzerland, Australia, Canada, Japan and other countries during April 2011 amounted to $85.94 million compared with $68.12 million in same month last year.
SBP, Ministries of Finance & Overseas Pakistanis had undertaken a joint initiative Pakistan Remittance Initiative to facilitate flow of remittances through formal channels. This has started to materialize and remittances through formal channels are showing considerable growth.
Comments
Comments are closed for this article.