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.