Workers’ remittances rise over 23% to $4.3bln in FY12 first four months

Karachi: Overseas Pakistani workers remitted $4,315.07 million in first four months (July- October) of current fiscal year 2011-12 (FY12), showing impressive growth of 23.24 percent or $813.66 million when compared with $3,501.41 million received during same period of last fiscal (July- October 2010), State Bank of Pakistan said Monday.

Remittances received from all countries showed growth in first four months of current fiscal. In July- October, 2011 from Saudi Arabia, UAE, USA, UK, GCC states (including Bahrain, Kuwait, Qatar & Oman), and EU countries amounted to $1,145.38 million, $963.12 million, $795.35 million, $486.92 million, $486.15 million & $129.81 million respectively as compared with $764.31 million, $819.57 million, $666.27 million, $393.24 million, $416.91 million & $117.07 million respectively in July- October 2010.

From Norway, Switzerland, Australia, Canada, Japan and other countries in first four months of current fiscal (July- October FY12) amounted to $308.34 million as against $324.03 million received in first four months of last fiscal (July- October 2010).

Monthly average remittances for July-October 2011 comes out to $1,078.77 million as compared to $875.35 million in same corresponding period of last fiscal, registering increase of 23.24 percent. In October 2011, $1,017.87 million was sent by overseas Pakistanis, up 19.03 percent, when compared with $855.11 million received in same month last year. SBP says except for September 2011, overseas Pakistanis remitted over $1 billion in July & August of current fiscal FY-12.

In October 2011, remittances from Saudi Arabia, UAE, USA, GCC states (including Bahrain, Kuwait, Qatar & Oman), UK, and EU countries amounted to $291.20 million, $216.50 million, $167.60 million, $131.54 million, $117.56 million & $28.08 million respectively as compared with $187.99 million, $198.28 million, $154.35 million, $104.18 million, $96.35 million & $32.42 million respectively in October, 2010. From Norway, Switzerland, Australia, Canada, Japan, other countries in fourth month of current fiscal October FY12 were $65.39 million as against $81.53 million in same month of last fiscal FY11.

SBP, Finance & Overseas Pakistanis Ministries had undertaken joint Pakistan Remittance Initiative PRI to facilitate flow of remittances in the country through formal channels which has shown remarkable progress.

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