Remittances hit record high of $8.9 billion in fiscal 2010
KARACHI:
Overseas Pakistani workers remitted the highest-ever amount of $8.906 billion in the last fiscal year (2009-10). They also sent home a record amount of $841.44 million in June alone.
Overall remittances received in FY10 showed an impressive increase of 14 per cent against the previous highest amount of $7.811 billion received in FY09. Similarly, $841.44 million received in June 2010 beat the previous record of $806.12 million received in September 2009.
The monthly average of remittances between July 2009 and June 2010 comes out to be $742.16 million contrasting $650.95 million received during the same period of 2008-09, registering an increase of 14 per cent.
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 the PRI and remittances through formal channels are showing a considerable healthy growth.
Pakistan has been reported to be among top nation which has shown the highest growth in remittances despite recent global financial crisis.
It may be added here that the target of remittances in the Annual Plan for FY10 was $7 billion while the State Bank had projected in its third quarterly report that the country would receive $8.5 to $9 billion.
In the period between July 2009 and June 2010, the inflow of remittances from UAE was $2,038.57 million, Saudi Arabia $1,917.66 million, US $1,771.19 million, GCC countries (including Bahrain, Kuwait, Qatar and Oman) $1,237.87 million, UK $876.38 million and EU countries $252.22 million as compared to $1,688.59 million, $1,559.56 million, $1,735.87 million, $1,202.65 million, $605.59 million and $247.66 million respectively between July 2008 and June 2009 period.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during FY10 amounted to $810.98 million as against $771.03 million in FY09.
During June 2010, remittances from Saudi Arabia was $199.35 million, UAE $196.38 million, US $164.83 million, GCC countries $105.84 million, UK $82.47 million and EU countries $22.48 million against to $152.33 million, $164.70 million, $154.39 million, $108.11 million, $68.48 million and $22.95 million ‘respectively’ in June 2009.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during June 2010 amounted to $70.10 million compared to $64.19 million during June 2009.
Published in The Express Tribune, July 10th, 2010.
Overseas Pakistani workers remitted the highest-ever amount of $8.906 billion in the last fiscal year (2009-10). They also sent home a record amount of $841.44 million in June alone.
Overall remittances received in FY10 showed an impressive increase of 14 per cent against the previous highest amount of $7.811 billion received in FY09. Similarly, $841.44 million received in June 2010 beat the previous record of $806.12 million received in September 2009.
The monthly average of remittances between July 2009 and June 2010 comes out to be $742.16 million contrasting $650.95 million received during the same period of 2008-09, registering an increase of 14 per cent.
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 the PRI and remittances through formal channels are showing a considerable healthy growth.
Pakistan has been reported to be among top nation which has shown the highest growth in remittances despite recent global financial crisis.
It may be added here that the target of remittances in the Annual Plan for FY10 was $7 billion while the State Bank had projected in its third quarterly report that the country would receive $8.5 to $9 billion.
In the period between July 2009 and June 2010, the inflow of remittances from UAE was $2,038.57 million, Saudi Arabia $1,917.66 million, US $1,771.19 million, GCC countries (including Bahrain, Kuwait, Qatar and Oman) $1,237.87 million, UK $876.38 million and EU countries $252.22 million as compared to $1,688.59 million, $1,559.56 million, $1,735.87 million, $1,202.65 million, $605.59 million and $247.66 million respectively between July 2008 and June 2009 period.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during FY10 amounted to $810.98 million as against $771.03 million in FY09.
During June 2010, remittances from Saudi Arabia was $199.35 million, UAE $196.38 million, US $164.83 million, GCC countries $105.84 million, UK $82.47 million and EU countries $22.48 million against to $152.33 million, $164.70 million, $154.39 million, $108.11 million, $68.48 million and $22.95 million ‘respectively’ in June 2009.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during June 2010 amounted to $70.10 million compared to $64.19 million during June 2009.
Published in The Express Tribune, July 10th, 2010.