Workers remittances surge by 25 percent to $3.3bln in first quarter of FY12

Karachi: Overseas Pakistani workers remitted $3,297.20 million in first quarter (July- September) of current fiscal year 2011-12 (FY12), showing impressive growth of 24.60 percent or $650.9 million when compared with $2,646.30 million received during same period of last fiscal year (July- September 2010), State Bank of Pakistan said on Monday.

Remittances received from all countries growth in first quarter of current fiscal. Inflow of remittances in July- Sept, 2011 from Saudi Arabia, UAE, USA, UK, GCC states (including Bahrain, Kuwait, Qatar & Oman), and EU countries amounted to $854.18 million, $746.62 million, $627.75 million, $369.36 million, $354.61 million & $101.73 million respectively as compared with inflow of $576.32 million, $621.29 million, $511.92 million, $296.89 million, $312.73 million & $84.65 million respectively in July- September 2010.

Remittances from Norway, Switzerland, Australia, Canada, Japan and other countries in first three months of current fiscal (July- Sept FY12) amounted to $242.95 million as against $242.5 million received in first three months of last fiscal (July- Sept FY11).

Monthly average remittances for July-September 2011 comes out to $1,099.07 million as compared to $882.10 million in same corresponding period of last fiscal, registering increase of 24.60 percent.

In September 2011, inflow from Saudi Arabia, UAE, USA, GCC states (including Bahrain, Kuwait, Qatar & Oman), UK, and EU countries amounted to $252.56 million, $194.51 million, $169.30 million, $103.85 million, $86.91 million & $26.76 million respectively as compared with $175.82 million, $231.70 million, $181.24 million, $102.94 million, $103.03 million & $31.66 million respectively in September, 2010. Remittances from Norway, Switzerland, Australia, Canada, Japan and other countries in third month of current fiscal (Sept FY12) amounted to $56.53 million as against $95.67 million received in (Sept FY11).

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