Remittances improved by 23.4% to $8.59 billion in the first eight months of the current financial year compared with $6.96 billion received during same period of last fiscal year.
Remittances received from all countries of the world showed growth during July 2011 to February 2012, according to a statement released by the State Bank of Pakistan on Friday.
Analysts attribute the continuous increase in remittances to extensive restrictions on the illegal Hundi and Hawala money transfer system to stop money laundering and terrorist financing and swift transfer of money as well as introduction of innovative services by the legal banking channel.
Inflow of remittances from Saudi Arabia, UAE, USA, UK, GCC states (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $2,325.98 million, $1,903.89 million, $1,525.45 million, $991.20 million, $968.91 million and $244.91 million respectively as compared with $1,563.00 million, $1,627.09 million, $1,298.26 million, $770.91 million, $820.02 million and $220.24 million, respectively.
Remittances from Norway, Switzerland, Australia, Canada, Japan and other countries in first eight months of current fiscal (July- February 2012) amounted to $632.45 million as against $663.73 million received in first eight months of last fiscal.
Published in The Express Tribune, March 10th, 2012.
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