Remittances cross record breaking $1 billion mark

Previous highest amount remitted in a single month was recorded $933.06 million in August 2010.

KARACHI: Overseas Pakistani workers remitted a historic amount of $1,052.88 million in March, 2011 as against $763.72 million in the same month of the last fiscal year, showing a tremendous jump of $289.16 million or almost 38 per cent.

This is the first time in the country's history when worker's remittances have crossed the $1 billion figure in a single month. The previous highest amount remitted in a single month by Pakistani workers was recorded in August 2010, when they sent home an amount of $ 933.06 million.

The remittances received from all countries of the world showed an impressive growth during the last month. In March 2011, remittances from Saudi Arabia, UAE, USA, GCC countries, UK and EU countries amounted to $259.00 million, $232.19 million, $192.79 million, $128.10million, $108.62 million and $35.49 million respectively as compared to $193.91 million, $178.86 million, $144.50 million,$105.89 million, $64.71 million and $18.15 million in March 2010.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during March 2011 amounted to $96.69million compared with $57.68 million in the same month last year.

Pakistani workers remitted an amount of $8,016.16 million in the first nine months of the current fiscal year 2010-11, showing an increase of $1465.33 million or 22.37 per cent when compared with $6,550.83 million received over the same period of the last fiscal year.

The amount of $8,016.16 million remitted in country in July-March 2011 includes $0.03 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).

The monthly average remittances for the July-March 2011 period comes out to $890.68 million as compared to $727.87million during the same corresponding period of the last fiscal year, registering an increase of 22.37 per cent.

It may also be pointed out that 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.

This initiative has started to materialize and remittances through formal channels are showing considerable growth.