July-May 2010-11: remittances cross historic $10 billion mark

The remittances sent home by overseas Pakistani workers have crossed $10 billion mark for the first time in the history of the country. They have remitted an amount of $10,096.40 million in the first eleven months (July-May) of the current fiscal year (2010-11), showing an increase of $2,031.94 million or 25.20 per cent, when compared with $8,064.46 million remitted in the same period of the last fiscal year.
Overseas Pakistanis have remitted over $1 billion for the third consecutive month of ongoing fiscal year. They have remitted an amount of $1052.90 million, $1,030.43 million and $1,049.79 million in March, April and May 2011, respectively. The remittances sent home by overseas Pakistanis in May 2011 surged by 38.52 per cent or $291.93 million when compared with $757.86 million received in the same month last year.
It is to be mentioned here that overseas Pakistani workers had remitted an amount of nearly $8.906 billion during last fiscal year (2009-2010). The inflow of remittances in July-May, 2011 period from Saudi Arabia, UAE, USA, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $2,378.52 million, $2,327.70 million, $1,864.03 million, $1,184.83 million, $1,093.47 million and $320.93 million, respectively as compared to $1,718.31 million, $1,842.13 million, $1,606.36 million, $1,132.03 million, $793.91 million and $229.74 million respectively in the July-May, 2010 period. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the eleven months of the current fiscal year amounted to $926.86 million as against $740.96 million in the same period of last fiscal year.
The monthly average remittances for July-May 2011 period comes out to $917.85 million as compared to $733.13 million during the same period of the last fiscal year, registering an increase of 25.20 per cent. During last month ie May 2011, remittances from Saudi Arabia, UAE, USA, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $292.72 million, $236.37 million, $186.15 million, $121.34 million, $102.55 million and $30.16 million, respectively as compared to $192.41 million, $178.96 million, $144.56 million, $99.03 million, $59.32 million and $19.52 million in May 2010. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during May 2011 amounted to $80.5 million against $64.06 million remitted during the same month of last year.