Remittances soar 21% in seven months

Overseas Pakistanis sent home $7.4b from July to January.


Our Correspondent February 11, 2012

KARACHI: Overseas Pakistani workers remitted $7.43 billion in seven months (July-January) of the current fiscal year, a growth of 21.54 per cent or $1.32 billion compared to remittances of $6.12 billion sent in the same period of previous year.

According to data released by the State Bank of Pakistan (SBP) on Friday, remittances from many countries showed growth during the first seven months of 2011-12.

Analysts attribute the continuous increase in remittances to extensive restrictions on the illegal Hundi and Hawala money transfer system to stop money laundering and terrorist financing and swift transfer of money as well as introduction of innovative services by the legal banking channel.

Inflow of remittances during July-January 2011-12 from Saudi Arabia, UAE, USA, UK, Gulf Cooperation Council (GCC) countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $2.01 billion, $1.64 billion, $1.33 billion, $853.47 million, $845.41 million and $215.64 million respectively. In comparison, Pakistanis in these countries sent $1.35 billion, $1.44 billion, $1.14 billion, $669.70 million, $721.47 million and $195.66 million respectively in July-January 2010-11.

Remittances from Norway, Switzerland, Australia, Canada, Japan and other countries amounted to $540.34 million against $594.98 million last year.

Monthly average of remittances for the seven months was $1.06 billion compared to $874 million in the same period last year, registering an increase of 21.54 per cent.

In January, the expatriate workers sent home $1.11 billion, up 34.37 per cent from $826.57 million in January 2011.

Remittances from Saudi Arabia, UAE, USA, UK, GCC countries and EU countries amounted to $346.58 million, $231.42 million, $178.07 million, $127.12 million, $124.22 million and $26.50 million respectively. From Norway, Switzerland, Australia, Canada, Japan and other countries, the overseas workers sent $76.73 million in January.

Published in The Express Tribune, February 11th, 2012.

 

COMMENTS (1)

Nine-Zero Karachi | 12 years ago | Reply

Overseas Pakistanis are the real saviours of Pakistan.

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