Workers’ remittances cross $10 billion mark first time in country’s history

Karachi: Remittances sent home by overseas Pakistani workers crossed $10 billion mark for the first time in country’s history. They remitted $10,096.40 million in first eleven months (July-May) of current fiscal year 2010-11, showing increase of $2,031.94 million or 25.20% when compared with $8,064.46 million received over same period of last fiscal year, State Bank of Pakistan said Friday.

Overseas Pakistanis have remitted over $1 billion for third consecutive month of this fiscal year. They remitted $1052.90 million, $1,030.43 million & $1,049.79 million in March, April & May 2011 respectively. Remittances sent home by overseas Pakistanis in May 2011 were up by 38.52% or $291.93 million when compared with $757.86 million received in same month last year. Overseas Pakistani workers had remitted nearly $8.906 billion in last fiscal year 2009-2010.

Inflow of remittances in July-May, 2011 from Saudi Arabia, UAE, USA, GCC states (including Bahrain, Kuwait, Qatar & 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 & $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 & $229.74 million respectively in July-May, 2010. Those received from Norway, Switzerland, Australia, Canada, Japan and other countries during eleven months of current fiscal year amounted to $926.86 million as against $740.96 million in the same period last fiscal year.

The monthly average remittances for July-May 2011 comes out to $917.85 million as compared to $733.13 million during same corresponding period of last fiscal year, registering increase of 25.20%, SBP said.

During May 2011, remittances from Saudi Arabia, UAE, USA, GCC states (including Bahrain, Kuwait, Qatar & 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. Those received from Norway, Switzerland, Australia, Canada, Japan and other countries during May 2011 amounted to $80.5 million compared with $64.06 million in same month last year.

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