Remittances from overseas workers up 21%

Published: April 11, 2012

About $9.73b was received in first nine months of FY12.

KARACHI: Remittances sent home by overseas Pakistanis soared 21.45% to $9.735 billion in the first nine months (July-March 2011-12) of the current fiscal year compared with $8.016 billion received in the corresponding period of previous year.

According to statistics released by the State Bank of Pakistan (SBP) on Tuesday, remittances from all major countries showed growth. Inflows during July-March FY12 from Saudi Arabia, UAE, USA, UK, Gulf Cooperation Council (GCC) countries (including Bahrain, Kuwait, Qatar and Oman) and EU states amounted to $2.655 billion, $2.141 billion, $1.724 billion, $1.132 billion, $1.099 billion and $273.42 million respectively.

In comparison, remittances from these countries were $1.822 billion, $1.859 billion, $1.491 billion, $879.53 million, $948.12 million and $255.73 million respectively in July-March 2011.

SBP attributed the growth in worker remittances to efforts made by Pakistan Remittance Initiative (PRI) in collaboration with other stakeholders to facilitate both overseas Pakistanis and their families back home.

SBP said PRI, a government initiative taken in 2009 and was aimed at facilitating faster, cheaper, convenient and efficient flow of remittances, had taken a number of steps to enhance the flow of money through formal channels.

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

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Reader Comments (3)

  • Immad Uddin Khan
    Apr 11, 2012 - 2:39PM

    The only reason for increase in remmitances by overseas pakistanis is that their families back home are facing the worst inflation in history. It is NOT attributed to trust in the present regime.

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  • Sohail
    Apr 11, 2012 - 6:39PM

    But the fact remains that some part of growth is due to increase in number of Pak workers abroad.

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  • Ex-Pat-Pak
    Apr 11, 2012 - 9:17PM

    Pak workers working ever harder for their loved ones. Democracy by any means in homeland always has a happy effect on ex-patriots due to the confidence in system. Sorry, there are not as many Pakistanis in these countries as before, instead there are less due to terrorism and stricter visa restrictions. Only reason is their relatives staying at home are happier and more hopeful than under dictatorships.

    Ofcourse 60% of money that used to come from complicated means of Hundi & Hawala can now be easily sent through Pak Foreign Banks & Western Union. Thanks to Gov’t choking of illegal means of money transfers. In the end: Thanks “a billion” to our Ex-Patriots!Recommend

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