Remittances rise to $5.98 billion

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KARACHI: Overseas Pakistanis workers remitted $5.982 billion in the first five months (July–November) of the current fiscal year 2012-13, depicting a growth of 14.16 percent as compared to $5.239 billion received during the same period last year, according to the central bank on Monday. A major chunk of the overall remittances inflows come from the Middle East countries followed by the United States and the UK, it said.

A sum of $1.01 billion was remitted by overseas Pakistanis in November as against $924.92 million in the same month last year.

The inflow of remittances in July-November from Saudi Arabia, the UAE, the US, the UK, GCC countries, including Bahrain, Kuwait, Qatar and Oman, and the European Union member states amounted to $1,609.45 million, $1,240.62 million, $993.57 million, $845.86 million, $676.69 million and $161.16 million, respectively, as compared to $1,364.36 million, $1,167.25 million, $975.12 million, $594.30 million, $600.04 million and $160.26 million, respectively in July-November 2011.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first five months of the current fiscal year cumulatively amounted to $454.69 million as against $378.66 million received in the first five months of the last fiscal year.

The monthly average remittances for July?November 2012 period come out to be $1,196.41 million as compared to $1,048 million during the corresponding period last year.

In November, the inflow of remittances from Saudi Arabia, the UAE, the US, the UK, GCC countries, including Bahrain, Kuwait, Qatar and Oman, and the European Union member states amounted to $300.84 million, $193.79 million, $152.29 million, $148.53 million, $117.18 million and $26.63 million, respectively, as compared to $218.98 million, $204.13 million, $179.77 million, $107.38 million, $113.89 million and $30.45 million, respectively, in November 2011.

 

Courtesy: The News


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