Inflow: Remittances surge to all-time high
Remittances jumped 40 per cent to reach a record high of $1,310.5 million.
KARACHI:
Remittances jumped 40 per cent to reach a record high of $1,310.5 million in August against $933.06 million in the same month last year, according to a statement released by the State Bank of Pakistan on Monday.
The previous highest amount remitted in a single month was recorded in June when it stood at $1,104.56 million.
This was the sixth consecutive month when remittances stood at more than $1 billion.
The State Bank of Pakistan, Ministry of Finance and Ministry of Overseas Pakistanis initiative ‘Pakistan Remittance Initiative’ has shown remarkable progress as remittances through formal channels have beaten all previous records, adds the statement.
In August 2011, the inflow of remittances from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $309.79 million, $294.46 million, $263.58 million, $163.90 million, $134.31 million and $42.38 million, respectively.
Published in The Express Tribune, September 13th, 2011.
Remittances jumped 40 per cent to reach a record high of $1,310.5 million in August against $933.06 million in the same month last year, according to a statement released by the State Bank of Pakistan on Monday.
The previous highest amount remitted in a single month was recorded in June when it stood at $1,104.56 million.
This was the sixth consecutive month when remittances stood at more than $1 billion.
The State Bank of Pakistan, Ministry of Finance and Ministry of Overseas Pakistanis initiative ‘Pakistan Remittance Initiative’ has shown remarkable progress as remittances through formal channels have beaten all previous records, adds the statement.
In August 2011, the inflow of remittances from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $309.79 million, $294.46 million, $263.58 million, $163.90 million, $134.31 million and $42.38 million, respectively.
Published in The Express Tribune, September 13th, 2011.