Pakistan workers’ remittances rise over 21 per cent to $7.44 billion in Fiscal Year 2012 first seven months

Karachi: Overseas Pakistani workers remitted $7,435.98 million in first seven months (July 2011- January 2012) of current fiscal year 2011-12 (FY12), showing impressive growth of 21.54 percent or $1,317.98 million when compared with $6,118.00 million received during same period of last fiscal (July- January 2011), State Bank of Pakistan said Friday.

Remittances received from all countries showed growth during first seven months of current fiscal. Inflow during July-January 2012 from Saudi Arabia, UAE, USA, UK, GCC states (including Bahrain, Kuwait, Qatar & Oman) and EU countries amounted to $2,008.47 million, $1,644.34 million, $1,328.31 million, $853.47 million, $845.41 million & $215.64 million respectively as compared with $1,353.40 million, $1,437.05 million, $1,145.71 million, $669.70 million, $721.47 million & $195.66 million respectively in July- January 2011.

Remittances from Norway, Switzerland, Australia, Canada, Japan and other countries in first seven months of current fiscal (July-January 2012) amounted to $540.34 million as against $594.98 million received in first seven months of last fiscal (July- January 2011).

Monthly average remittances for July-January 2012 period comes out to $1,062.28 million as compared to $874.00 million during same corresponding period of last fiscal, registering increase of 21.54 percent.

Last month, $1,110.64 million was sent home by overseas Pakistanis, up 34.37 percent, when compared with $826.57 million received in January, 2011. In January, 2012, remittances from Saudi Arabia, UAE, USA, UK, GCC states (including Bahrain, Kuwait, Qatar & Oman) and EU countries amounted to $346.58 million, $231.42 million, $178.07 million, $127.12 million, $124.22 million & $26.50 million respectively as compared with $209.58 million, $181.40 million, $148.03 million, $92.53 million, $95.18 million & $23.56 million respectively in January 2011. Remittances from Norway, Switzerland, Australia, Canada, Japan and other countries in January 2012 amounted to $76.73 million as against $76.29 million in January 2011.

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