Workers’ remittances rise over 18% to $5.24 billion in first five months of FY12

Karachi: Overseas Pakistani workers remitted $5,239.99 million in first five months (July- November 2011) of current fiscal year 2011-12 (FY12), showing impressive growth of 18.33% or $811.69 million when compared with $4,428.30 million received during same period of last fiscal year (July- November 2010), State Bank of Pakistan said Tuesday.

Remittances received from all countries showed growth during first five months of current fiscal. Inflow of remittances in July- November, 2011 from Saudi Arabia, UAE, USA, GCC states (including Bahrain, Kuwait, Qatar & Oman), UK, and EU countries amounted to $1,364.36 million, $1,167.25 million, $975.12 million, $600.04 million, $594.30 million and $160.26 million respectively as compared with $935.76 million, $1,045.32 million, $841.32 million, $530.30 million, $496.09 million and $147.57 million respectively in July- November 2010.

Remittances from Norway, Switzerland, Australia, Canada, Japan and other countries during first five months of current fiscal (July- November 2011) amounted to $378.66 million as against $431.93 million received in first five months of last fiscal July- November 2010). Monthly average remittances during July-November 2011 comes out to $1,048.00 million as compared to $885.66 million in same corresponding period of last fiscal, registering 18.33% increase.

In November 2011, $924.92 million was sent by overseas Pakistanis, down 0.21%, as compared with $926.89 million received in same month last year. In November 2011, remittances from Saudi Arabia, UAE, USA, GCC states (including Bahrain, Kuwait, Qatar & Oman), UK, EU countries amounted to $218.98 million, $204.13 million, $179.77 million, $113.89 million, $107.38 million and $30.45 million respectively as compared with $171.45 million, $225.75 million, $175.05 million, $113.39 million, $102.85 million and $30.50 million respectively in November, 2010.

Remittances from Norway, Switzerland, Australia, Canada, Japan, other countries in November 2011 amounted to $70.32 million as against $107.9 million received in November 2010.

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