Remittances increase 18% in five months

Overseas Pakistanis sent home $5.2 billion against $4.4 billion last year.

KARACHI: Remittances sent home by overseas Pakistanis rose 18 per cent to $5.24 billion in the first five months (July-November) of the current fiscal year 2011-12 compared with $4.43 billion received in the corresponding period of last year.

According to State Bank of Pakistan (SBP) data released on Tuesday, remittances from many countries showed growth in July-November 2011. Pakistanis in Saudi Arabia, United Arab Emirates (UAE), US, Gulf Cooperation Council (GCC) countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries remitted $1.36 billion, $1.17 billion, $975.12 million, $600.04 million, $594.30 million and $160.26 million respectively.

In comparison, inflows were $935.76 million, $1.05 billion, $841.32 million, $530.3 million, $496.09 million and $147.57 million respectively in July-November 2010.

However, remittances from Norway, Switzerland, Australia, Canada, Japan and other countries fell to $378.66 million against $431.93 million last year.

Monthly average of remittances for the July-November period came to $1.05 billion compared with $885.66 million during the same period of last year, registering an increase of 18.33 per cent.

Published in The Express Tribune, December 14^th, 2011.