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.
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