In June 2013 alone, overseas Pakistani workers sent home $1.165 billion, up 4.23%, compared with $1.117 billion in the corresponding month of 2012. PHOTO: FILE
KARACHI: Overseas Pakistanis sent home a record $13.920 billion in the previous fiscal year (July 2012-June 2013), showing a growth of 5.56% or $733.64 million compared with $13.187 billion a year earlier, according to data released by the State Bank of Pakistan on Wednesday.
Remittances from Saudi Arabia, UAE, USA, UK, Gulf Cooperation Council (GCC) countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $4.105 billion, $2.750 billion, $2.186 billion, $1.946 billion, $1.608 billion and $357.37 million respectively.
A year ago, inflows were $3.687 billion, $2.849 billion, $2.334 billion, $1.521 billion, $1.495 billion and $364.79 million respectively.
Remittances from Norway, Switzerland, Australia, Canada, Japan and other countries in July-June 2012-13 were $967.79 million against $935.36 million in the previous fiscal year (July-June 2011-12).
Monthly average of remittances was calculated at $1.160 billion compared to $1.099 billion in the previous fiscal year.
In June 2013 alone, overseas Pakistani workers sent home $1.165 billion, up 4.23%, compared with $1.117 billion in the corresponding month of 2012.
In the month, remittances from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries were $353.18 million, $218.60 million, $179.93 million, $171.94 million, $138.18 million and $31.03 million respectively.
In comparison, inflows were $333.68 million, $219.14 million, $206.60 million, $126.72 million, $128.12 million and $29.24 million respectively in June 2012.
From Norway, Switzerland, Australia, Canada, Japan and other countries, Pakistani workers remitted $71.93 million in June against $73.98 million in the corresponding month last year.
Published in The Express Tribune, July 11th, 2013.
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COMMENTS (10)
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@Hasan
Really arrogant and irresponsible comments about overseas Pakistanis.You forced me to comment on your post.Would you mind if I ask your contribution to the country and it's people.Back up your allegations with some numbers if you can in the future I reckon.
I don't think so...they don't count western union
Alone send around $ 600 for my family every month through...W.Union
Do remittances via Moneygram or Western Union count towards the figures above aswell?
@hasan:
Not only does this facilitate money-laundering but it puts pressure on the Rupee because these Dollars are purchased from the domestic market.
Ofcourse, foreign remittances are tax-free so this is a great way to not only launder black money but also get away with paying no tax at all!
The cost to the national exchequer is HUGE!
@hasan i work 3 illegal jobs and im studying in a government university, i have a degree from pk which got me NOTHING so i started from rock bottom in one of the countries mentioned above, i send back $300 to my parents monthly. thats 30000 rupees from one insignificant person who works as a bartender, personal shopper and tutor. Think big of all the docotors, engineers, lawyers, bankers, etc etc etc.
@Hasan millions of pakistanis live abroad & most of them are there only to support there families here in pakistan.
@hasan: ET why do you allow such comments that are so wrong. My dad is a senior Vice president in a local telecom company in Saudi and he alone sends 9000 Riyals every month to support our relatives.
And they are still not allowed to vote in Pakistani Elections!