The inflow of remittances in July 2010 from Saudi Arabia, UAE, US, Gulf Cooperation Council (GCC) countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $194.94 million, $177.03 million, $143.87 million, $101.25 million, $85.57 million and $23.84 million respectively.
In comparison, $151.17 million, $159.32 million, $150.13 million, $107.63 million, $71.23 million and $26.04 million respectively were remitted in July 2009.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first month of the current fiscal year amounted to $64.69 million against $79.19 million received in July last year.
Last year, the country had received the highest-ever amount of $8.906 billion in remittances compared with $7.811 billion received in FY09.
The State Bank, Ministry of Finance and Ministry of Overseas Pakistanis had undertaken a joint initiative called Pakistan Remittance Initiative (PRI) with a view to facilitating the flow of remittances through formal channels. In this regard, a number of steps have been taken by PRI and remittances through formal channels are continuously rising.
Pakistan has been reported as the top nation which has shown the highest growth in remittances in the world despite the recent global financial crisis.
Published in The Express Tribune, August 12th, 2010.
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