Inflow of remittances in July-January, 2011 from UAE, Saudi Arabia, USA, GCC states (including Bahrain, Kuwait, Qatar & Oman), UK and EU countries amounted to $1,437.05 million, $1,353.40 million, $1,145.71 million, $721.47 million, $669.70 million and $195.66 million respectively as compared to $1,180.24 million, $999.41 million, $1,061.89 million, $737.72 million, $550.35 million and $157.93 million respectively in July- January, 2010 period. Remittances from Norway, Switzerland, Australia, Canada, Japan and other countries in first seven months of current fiscal year amounted to $594.98 million as against $509.55 million in same period last year.

Monthly average remittances for July- January 2011 comes out to $874.00 million as compared to $742.58 million in same corresponding period of last fiscal, registering increase of 17.70%.

In January 2011, $826.57 million was sent home by overseas Pakistanis, up 23.76% or $158.67 million, when compared with $667.90 million received in same month last year.

In January 2011 remittances from Saudi Arabia, UAE, USA, GCC states (including Bahrain, Kuwait, Qatar & Oman), UK and EU countries amounted to $209.58 million, $181.40 million, $148.03 million, $95.18 million, $92.53 million and $23.56 million respectively as compared to $153.50 million, $158.33 million, $123.49 million, $95.27 million, $67.56 million and $15.14 million in January 2010.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during January 2011 amounted to $76.29 million compared with $54.61 million in same month last year.

State Bank, Ministries of Finance & Overseas Pakistanis had undertaken joint Pakistan Remittance Initiative to facilitate flow of remittances through formal channels. It started to materialize and remittances through formal channels are showing considerable growth.