Remittances inflows hit record high of $1.365bn

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KARACHI: Overseas Pakistani workers remitted $1.365 billion in October, 2012 as against $1.017 billion sent in the same month of the last fiscal year, showing a tremendous jump of $347.23 million or 34.11 percent, the central bank reported on Monday.

The previous highest amount remitted in a single month by overseas Pakistanis was recorded in August, 2011 when they sent home $1.310 billion. Pakistan received $4.964 billion in remittances inflows in the first four months (July – October) of the current fiscal year compared with $4.315 billion received during the same period of the last fiscal year.

The remittances received from all countries of the world showed an impressive growth last month. In October 2012, the inflow of remittances from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman), and EU countries amounted to $347.52 million, $293.74 million, $217.56 million, $197.18 million, $163.37 million and $37.48 million respectively as compared with the inflow of $291.20 million, $216.50 million, $167.60 million, $117.56 million, $131.54 million and $28.08 million respectively in October, 2011.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the fourth month of the current fiscal year (FY13) amounted to $108.25 million as against $65.39 million received in the same month of the last fiscal year (FY12).

The inflow of remittances from July to October, 2012 from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman), and EU countries amounted to $1,308.61 million, $1,046.83 million, $841.28 million, $697.33 million, $559.51 million and $134.53 million respectively as compared with the inflow of $1,145.38 million, $963.12 million, $795.35 million, $486.92 million, $486.15 million and $129.81 million respectively in the same period last year.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first four months of the current fiscal year amounted to $ 376.12 million as against $308.34 million received in the first four months of last fiscal year.

The monthly average remittances for July to October 2012 come out to $1,241.05 million as compared to $1,078.77 million during the corresponding period of the last fiscal year. The government of Pakistan had launched a joint initiative through State Bank of Pakistan, Ministry of Overseas Pakistanis and the Ministry of Finance, called Pakistan Remittance Initiative (PRI), in April 2009. This initiative has been taken to support faster, cheaper, convenient and efficient flow of remittances.

 

Courtesy: The News


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