Workers’ remittances surge by 38.57% to $1.1bln in FY12 first month

Karachi: Remittances sent home by overseas Pakistanis continued to show rising trend as amount of $1,096.31 million was received in the country in first month July 2011 of current fiscal year 2011-12, showing impressive growth of 38.57 percent or $305.13 million when compared with $791.18 million received during same period of last fiscal year (i.e., July 2010), State Bank of Pakistan said Wednesday.

This was fifth consecutive month when Pakistani workers remitted over $1 billion. They had remitted $1,052.90 million, $1,030.43 million, $1,049.80 million & $1,104.56 million in March, April, May & June 2011 respectively.

The inflow of remittances in July, 2011 from Saudi Arabia, UAE, USA, UK, GCC states (including Bahrain, Kuwait, Qatar & Oman), and EU countries amounted to $291.83 million, $257.65 million, $194.87 million, $118.55 million, $116.45 million and $32.59 million respectively as compared with inflow of $194.94 million, $177.03 million, $143.86 million, $85.57 million, $101.25 million and $23.85 million respectively in July, 2010.

Remittances from Norway, Switzerland, Australia, Canada, Japan and other countries in first month of current fiscal year July FY12 amounted to $84.37 million as against $64.68 million received in first month of last fiscal year July FY11. Pakistani workers had remitted a record amount of over $11.2 billion during last fiscal year that ended on June 30, 2011.

SBP, Ministries of Finance & Overseas Pakistanis had undertaken joint initiative Pakistan Remittance Initiative to facilitating flow of remittances in the country through formal channels. This has shown remarkable progress as remittances through formal channels have beaten all previous records.

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