KARACHI:
Overseas Pakistanis remitted an amount of $5.982 billion in the first five months of the current fiscal year 2012-13, showing a growth of 14.16% or $742.05 million when compared with $5.240 billion influx during the corresponding period of the previous fiscal year.
According to the data released by the State Bank of Pakistan, the inflow of remittances in July- November, 2012 from Saudi Arabia, the United Arab Emirates, US, UK, Gulf Cooperation Council countries (including Bahrain, Kuwait, Qatar and Oman), and EU countries amounted to $1.610 billion, $1.241 billion, $0.994 billion, $0.846 billion, $0.677 billion and $0.161 billion respectively.
In the corresponding period of last year, inflows from these countries were $1.364 billion, $1.167 billion, $0.975 billion, $0.594 billion, $0.6 billion and $0.16 billion respectively.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first five months of current fiscal year amounted to $0.455 billion compared to $0.379 billion in the in the first five months of the previous year.
Monthly average remittances for July-November 2012 period amounted to $1.196 billion against $1.048 billion in the previous year.
In November alone, Pakistanis working abroad sent $1.018 billion against $0.925 billion in the same month of 2011, a growth of 10.1%.
In a press release, the SBP stressed that the continued growth in remittances was the result of efforts made by the Pakistan Remittance Initiative (PRI) in collaboration with other stakeholders to facilitate both overseas Pakistanis and their families back home.
The government through the SBP, Ministry of Overseas Pakistanis and Ministry of Finance launched PRI in April 2009, aimed at facilitating and supporting faster, cheaper, convenient and efficient flow of remittances.
Since its inception, PRI has taken a number of steps to enhance the flow of remittances through formal channels including preparation and implementation of strategies on remittances, playing an advisory role for the financial sector, relationship building with overseas correspondents, creating separate efficient remittance payment highways and becoming a national focal point for overseas Pakistanis through round-the-clock call centre, a separate website, etc.
Published in The Express Tribune, December 11th, 2012.
COMMENTS (5)
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Bangladesh get more than USD 1 billion by sending troops and Police to UN Peacekeeping. see the size of there military n police and ours. Need to send some more to emerging markets and EU although there is language barrier.....may be sweepers. Brain drain is better than no brain at all. look at india reaping benefits of NRIs working in foreign media /govt etc and changing decision in favour. Many Pakistanis are so true Pakistanis that donot hire even a junior officer from same country so that they look honest/fair and he does not cut their feet. They shd add suffix Zardari against their name.
OMG, so like 2.85 billion USD from the" invading arabs"? Say no to their $$, jobs and culture to complete the triangle. Not sure why I was so hung up on culture part only.
Lets pretend its a good thing. I just hope SBP and Min of Finance isnt projecting a linear growth. The invent of MS Excel is the worst thing that has happened to financial and economic projections
And the other side of this news is how Brain Drain is happening in Pakistan.
Than why the foreign exchange reserves held by SBP are depleting ~ Overseas are Pakistani are always sending ever increasing number of remittances.......... Where the whole money is going ?????