Remittances touch record high of $1.3 billion in August

KARACHI: Overseas Pakistani workers remitted a historic amount of $ 1,310.47 million in August this year as against $ 933.06 million in the same month of the last fiscal year showing a tremendous jump of $ 377.4l million or 40.45 percent.

According to the State Bank of Pakistan (SBP) statistics released here on Monday, the previous highest amount remitted in a single month by overseas Pakistani workers was recorded in June this year when they sent home an amount of $1,104.56 million.

This was the sixth consecutive month when Pakistani workers remitted over $1 billion. They had remitted an amount of $1,052.90 million, $1,030.43 million, $1,049.80 million, $1,104.56 million and 1,096.31 million in March, April, May, June and July 2011, respectively.

The remittances received from all countries of the world showed an impressive growth during last month.

The inflow of remittances from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman), and EU countries amounted to $309.79 million, $294.46 million, $263.58 million, $163.90 million, $134.31 million and $42.38 million respectively as compared with the inflow of $205.56 million, $212.56 million, $186.82 million, $108.29 million, $108.54 million and $29.14 million, respectively in August last year.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the second month of current fiscal year (August FY12) amounted to $ 102.05 million as against $82.15 million received in the second month of last fiscal year.

Overseas Pakistani workers remitted an amount of $2,406.78 million in the first two months (July - August) of the current fiscal year 2011-12 (FY12) showing an impressive growth of 39.58 percent or $ 682.54 million when compared with $ 1,724.24 million received during the same period of last fiscal year (July- August 2010).

The inflow of remittances in July- August, 2011 from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman), and EU countries amounted to $601.62 million, $552.11 million, $458.45 million, $282.45 million, $250.76 million and $74.97 million, respectively, as compared with the inflow of $400.50 million, $389.59 million, $330.68 million, $193.86 million, $209.19 million and $52.99 million, respectively, in July August 2010.

It may be recalled that the State Bank of Pakistan, Ministry of Finance and Ministry of Overseas Pakistanis had undertaken a joint initiative called 'Pakistan Remittance Initiative (PRI) with a view to facilitate the flow of remittances in the country through formal channels.

Copyright APP (Associated Press of Pakistan), 2011