18.33pc rise in July-Nov remittances

RECORDER REPORT

KARACHI: Remittances sent by overseas Pakistanis posted a notable growth of 18.33 percent during five months of the current fiscal year —July-November 2011.

According to the State Bank of Pakistan, overseas Pakistanis remitted $5.23 billion in the July-November 2011 period of the current fiscal year 2011-12 (FY12), showing an impressive growth of $811.69 million, or 18.33 percent when compared with $4.42 billion received during the same period of last fiscal year (July- November 2010).

The remittances from all countries showed growth during this period.

The inflow of remittances in July-November, 2011 from Saudi Arabia, UAE, USA, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK, and EU countries amounted to $1.364 billion, $1.167 billion, $975.12 million, $600.04 million, $594.30 million and $160.26 million respectively, as compared with the inflow of $935.76 million, $1.045 million, $841.32 million, $530.30 million, $496.09 million and $147.57 million respectively in July-November 2010.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first five months of current fiscal year (July-November 2011) amounted to $378.66 million as against $431.93 million received in the first five months of last fiscal year (July- November 2010).

The monthly average remittances in July-November 2011 period come out to about $1,048.00 million as compared to $885.66 million during the corresponding period of last fiscal year, registering an increase of 18.33 percent.

In November 2011, $924.92 million was sent home by overseas Pakistanis, down 0.21 percent, when compared with $926.89 million received in the same month last year.

In November 2011, the inflow of remittances from Saudi Arabia, UAE, USA, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK, and EU countries amounted to $218.98 million, $204.13 million, $179.77 million, $113.89 million, $107.38 million and $30.45 million respectively as compared with the inflow of $171.45 million, $225.75 million, $175.05 million, $113.39 million, $102.85 million and $30.50 million respectively in November, 2010. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during November 2011 amounted to $70.32 million as against $107.9 million received in the same month (November 2010) of last fiscal year.