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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 14th, 2011.
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 14th, 2011.