Remittances surge by 6.35pc in nine months

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KARACHI: Remittances sent home by overseas Pakistani workers surged by 6.35 percent to $10.353 billion in the first nine months of the current fiscal year as compared to $9.735 billion during the same period last year, latest figures issued by the State Bank of Pakistan (SBP) showed on Wednesday. Of the total remittances, the Gulf region tops the list, followed by the United States and the UK. Monthly average remittances for July-March FY13 comes out to be $1.15 billion as compared to $1 billion during the corresponding period last fiscal year.

The inflows of remittances in July-March FY13 from Saudi Arabia and the UAE stood at $2,979.31 million and $2,085.94 million, respectively, as against the inflows of $2,655.43 million and $2,140.93 million during the corresponding period last fiscal year.

Pakistani migrants from the US, the UK and GCC countries, including Bahrain, Kuwait, Qatar and Oman, and the European Union (EU) countries remitted $1,636.66 million, $1,434.97 million, $1,195.86 million and $269.04 million in July-March FY13 as compared to $1,724.35 million, $1,131.85 million, $1,099.49 million and $273.45 million in July-March FY12. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first nine months of the current fiscal year (July-March FY13) amounted to $752.04 million as against $710.47 million received in the first nine months last fiscal year.

In March, the inflows of remittances from Saudi Arabia, the UAE, United States, the UK, GCC countries and the EU countries amounted to $351.53 million, $220.22 million, $175.53 million, $150.22 million, $128.36 million and $26.43 million, respectively, as compared to the inflows of $329.45 million, $ 237.04 million, $198.90 million, $140.65 million, $130.58 million and $28.54 million, respectively, in March 2012.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the ninth months of the current fiscal year amounted to $66.86 million.

Courtesy: The News


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