Remittances soar 23% to Rs8.5 billion
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.
COMMENTS (6)
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@Haq B Look it Rupees against the almighty $$ in 1990 or 2000 then in now 2012 how all the foriegn exchange got so up i understand what u guys saying its count in dollars is not it dollarr got from 78 rupees to 92 rupees in this period of time respectfully. and one more reason of increased is peoples have to send money to relatives back home because of every thing got expensive they cant survive on old money.
Let's file petition to offer separate and fast track window operations for those who are contributing in this money.
As whenever you walk past by counter there is a line of uniformed personale for unnecessary queries and delay for extorting money. The benefits overseas worker is looking includes use of available benefits e.g. Smooth operation for Gift car for parents, clear display of requirements for processing-as one of my friend was asked to get protector which we never heard and lot more.
Good news now lets this money on our minister's foreign trips.
@Ali Tanoli: Did you mean steep inflation in the country or the slow devaluation of rupee? First this inflow is measured in Dollars not in Rupees and the buck arrived at the Pak Govt Banks this time, not by the personal visits of Hundi or Havala Agents at the recipient's door step. These remittances are responsible for the inflation in the country not the other way around. A devaluation of Rupee against the Dollar compares to 2 to 4 Pennies on the Buck over a year or more, how come that throws-off a figure with such a wide margin that is from less than $4billion in 2004 to close to more than $12billion this year? It only tells the story of successful choking of illegal money markets & of the hardworking Pakis around the world.
@ Ali Tanoli: Remittances are always stated in US$ so there is no inflation (due to devaluation of rupee) involved.
Increased is not because of no more Hundi/Hawala but inflation of Rupees.