Remittances climb to $7.11 billion in first half

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KARACHI: Remittances from overseas Pakistani workers jumped up by 12.51 percent to $7.11 billion in the first half of the current fiscal year as compared to $6.32 billion during the same period last year, according to the statistics issued by the central bank on Thursday.

 

Surprisingly, the State Bank of Pakistan reported the breakup of the remittances inflows received from the different formal channels for the first time.

 

The channel-wise breakup showed that banks attracted 90 percent of the total remittances inflows during July-December 2012; followed by exchange companies and Pakistan Post.

 

Remittances received through banks amounted to $6.4 billion, through exchange companies $640 million (nine percent) and through Pakistan Post banks received $56 million (one percent).

 

Analysts said workers’ remittances are on track, providing the much-needed relief to the country’s deteriorating balance of payments position.

The inflows of remittances in July-December, 2012 from Saudi Arabia, the UAE, United States, the UK, GCC countries, including Bahrain, Kuwait, Qatar and Oman, and the European Union (EU) nations amounted to $1,960.62 million, $1,460.90 million, $1,155.54 million, $1,005.01 million, $811.18 million and $188.77 million, respectively, as compared to the inflows of $1,661.89 million, $1,412.92 million, $1,150.24 million, $726.35 million, $721.19 million and $189.14 million, respectively, in July-December 2011.

 

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first half of the current fiscal year (July-December FY13) amounted to $534.68 million as against $463.61 million received in the first half of the last fiscal year (July-December FY11).

 

The monthly average remittances for July-December 2012 period comes out to be $1,186.12 million as compared to $1,054.22 million during the corresponding period of the last fiscal year.

 

An amount of $1,134.66 million was remitted by overseas Pakistanis in December 2012 as against $1,085.35 million in the same month last year (December 2011), depicting a growth of 4.54 percent.

 

In December 2012, the inflows of remittances from Saudi Arabia, the UAE, United States, the UK, GCC countries, including Bahrain, Kuwait, Qatar and Oman, and the European Union (EU) nations amounted to $351.17 million, $220.28 million, $161.97 million, $159.15 million, $134.49 million and $27.61 million, respectively, as compared to the inflows of $297.53 million, $245.67 million, $175.12 million, $132.05 million, $121.15 million and $28.88 million, respectively, in December 2011.

 

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the sixth month of the current fiscal year (December FY13) amounted to $79.99 million as against $84.95 million received in the same period last year (December 2011).


Courtesy:  The News


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