Remittances sent home by overseas Pakistani workers rose 19.5 per cent to $6.32 billion in the first half (July-December) of the current fiscal year 2011-12 compared to $5.29 billion received in the same period of previous year, shows data released by the State Bank of Pakistan (SBP) on Tuesday.
Analysts say the pace of remittances has accelerated sharply over the past couple of years because of a crackdown on the illegal Hundi and Hawala money transfers, swift processing and other facilitation measures introduced by banks and exchange firms and the narrow gap between exchange rates in the open and inter-bank markets.
According to the data, remittances from many countries registered growth in the first half of 2011-12. Expatriate Pakistanis in Saudi Arabia, UAE, USA, UK, Gulf Cooperation Council (GCC) countries (including Bahrain, Kuwait, Qatar and Oman) and EU states sent $1.66 billion, $1.41 billion, $1.15 billion, $726.35 million, $721.19 million and $189.14 million respectively.
In comparison, the inflow of remittances from these countries was $1.14 billion, $1.25 billion, $997.68 million, $577.17 million, $626.29 million and $172.10 million respectively in July-December 2010.
Monthly average of remittances for July-December 2011 came to $1.05 billion compared to $881.91 million in the previous year.
Published in The Express Tribune, January 11th, 2012.
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@Abdul Hamza: I think most overseas Pakistanis like myself remit money to help their families with day to day expenditures. Not sure how my family would function if I take your advice?