Record high: Remittances cross $1b mark in March

Published: April 10, 2011
Email
Over $8b sent by overseas Pakistanis in current fiscal.

Over $8b sent by overseas Pakistanis in current fiscal.

KARACHI: 

Overseas Pakistani workers remitted more than $1 billion to the country in the month of March. Transfers by Pakistanis living abroad touched the historic peak of $1.05 billion in March, having risen more than 38 per cent since March 2010, when remittances amounted $763.72 million.

The previous high for a single month was recorded in August 2010, when overseas Pakistanis sent home $933.06 million.

Remittances to the country have been on the rise over the recent months, assisted by joint efforts of the State Bank of Pakistan (SBP) and two federal ministries, “to facilitate the flow of remittances through formal channels”, asserted SBP spokesperson Syed Wasimuddin.

In the first nine months of the current fiscal year, $8.02 billion have been remitted to the country by Pakistanis living abroad, up by over 22 per cent compared with $6.55 billion remitted in corresponding period of fiscal 2010.

In the annual plan for fiscal 2011, SBP had set a target of $9 billion for remittances. However, growth in the transfers of funds has outpaced this target, with more than $8 billion already sent to the country.

Monthly average remittances in the July-March period come out to $890.68 million compared with $727.87 million during the same corresponding period of the last fiscal year, registering an increase of 22.37 per cent.

SBP data also shows that remittances have increased from most countries, where significant transfers have been destined for Pakistan. The central bank has expressed confidence in the Pakistan Remittance Initiative (PRI) undertaken with the ministry of finance and the ministry of overseas Pakistanis, and forecasted that remittances may touch $11 billion by the end of the current fiscal year.

Published in The Express Tribune, April 10th, 2011.

Facebook Conversations

Reader Comments (9)

  • MUHAMMAD ZOHAIB KHAN
    Apr 10, 2011 - 11:46AM

    Being a patriotic Pakistani , i am very happy to see increase in the remittances sent by the overseas Pakistanis.Pakistanis love their country whether they are staying inside Pakistan or abroad .We have the potential to change the fate of the country ..Long live my PakistanRecommend

  • Rana Ali
    Apr 10, 2011 - 12:50PM

    I don’t think the increase is due to any effort done by all powerful Baboo. Its not their priority to do any creative thinking and come up with fresh ideas. The increase is due to opening up of more and more Western Union, MoneyGram and similar international money transfer franchise based outlets in all over Pakistan. Also more Pakistani banks are allowing (users from certain countries ie USA ) money transfer via their websites.

    Actually the volume of the total inward remittance is over $20 Billion. Hundi or Hawala is still the preferred method of sending money to Pakistan. We all know there is hardly any control on these Money changers spread all over the country. A customer never fills any form to buy or sell foreign currency. The clerk never asks even the name of the person. There has to be control of large cash transactions in the country.

    If only Baboo performs his duty properly, Pakistan does not need to go to IMF for few Billion Dollars. Pakistani living inside or outside of the country are hard working, talented and honest people. They want to invest in Pakistan and keep their money in Pakistan for the benefit of their homeland.

    Baboos are quick to take credit. We all know that Baboos and politicians are corrupt and incompetent and have no vision to get us out of this mess. In spite of all this, Pakistanis love freedom & democracy and proud of it. God bless Pakistan. Recommend

  • khurram kaleem
    Apr 10, 2011 - 1:16PM

    as per calculation remitance will touch 15 billion dollar in 2015 and at 17percent annual growth rate will cross 20 billion in 2020.Recommend

  • Being a Overseas Pakistani,
    Apr 10, 2011 - 4:41PM

    Salam To all,

    Here in Riyadh I tried a lot to take KSA over Dubai in a month total remittance, and I m glad to see the KSA flag at the First,
    in past 60 years, people here in KSA used to send money by “Hundi” (Money Laundering) system but now they send money faster & on cheaper resources (i mean by Banks etc).
    But still we don’t get any credit from the Banks or from Pak govt which have been sleeping since independence day…!!!Recommend

  • pakeconomist
    Apr 11, 2011 - 10:00PM

    dear pakistani brothers i have warned before and i will warn again please do not send money to pakistan security needs to improve or else rupee will depreciate all the more please save the money in your country of residence when pakistani security improves remit the money to pakistani banksRecommend

  • Raqib Ali
    Apr 11, 2011 - 11:52PM

    How can Pakistan not be strong when we have great minds working across the globle and never forget their country.

    ET should post these news in a way that they stay longer (such as our current negative blogs). Feel good factor is very important for us in tough times. Recommend

  • ha
    Apr 12, 2011 - 12:42PM

    @Being a Overseas Pakistani,:

    Very interested in finding out more about these efforts to increase remittances from KSA that you are talking about. Please contact via email if possible. My email is srjamali@gmail.com
    Thanks and regards.Recommend

  • Adela Abbasi
    May 6, 2011 - 3:42AM

    salaam!
    either because of any basic necessity of family members left in pakistan or the patriotism experienced by the pakistani’s residing abroad….this unprecedent increase in inward remitances are definitely encouraged and appreciated….its really a sun ray in this vulnuRecommend

  • Adeela Abbasi
    May 6, 2011 - 3:45AM

    Salaam!
    either because of any basic necessity of family members left in Pakistan or the patriotism experienced by the Pakistani’s residing abroad….this unprecedented increase in inward remittances are definitely encouraged and appreciated….its really a sign of luminosity in this vulnerable economic condition of Pakistan……Love Pakistan……MAY it be blessed ever.Recommend

More in Business