Remittances from overseas workers up 21%

About $9.73b was received in first nine months of FY12.

KARACHI: Remittances sent home by overseas Pakistanis soared 21.45% to $9.735 billion in the first nine months (July-March 2011-12) of the current fiscal year compared with $8.016 billion received in the corresponding period of previous year.

According to statistics released by the State Bank of Pakistan (SBP) on Tuesday, remittances from all major countries showed growth. Inflows during July-March FY12 from Saudi Arabia, UAE, USA, UK, Gulf Cooperation Council (GCC) countries (including Bahrain, Kuwait, Qatar and Oman) and EU states amounted to $2.655 billion, $2.141 billion, $1.724 billion, $1.132 billion, $1.099 billion and $273.42 million respectively.

In comparison, remittances from these countries were $1.822 billion, $1.859 billion, $1.491 billion, $879.53 million, $948.12 million and $255.73 million respectively in July-March 2011.

SBP attributed the growth in worker remittances to efforts made by Pakistan Remittance Initiative (PRI) in collaboration with other stakeholders to facilitate both overseas Pakistanis and their families back home.

SBP said PRI, a government initiative taken in 2009 and was aimed at facilitating faster, cheaper, convenient and efficient flow of remittances, had taken a number of steps to enhance the flow of money through formal channels.

Published in The Express Tribune, April 11^th, 2012.