According to the data, during the first two months (July-August) of the current fiscal 2010-11 (FY11), remittances worth $1.724 billion were sent home by Pakistani workers, showing an increase of $198.86 million or 13 per cent when compared with $1.525 billion in the same period last year.
During August 2010, remittances from UAE, Saudi Arabia, USA, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $212.55 million, $205.56 million, $186.82 million, $108.55 million, $108.29 million and $29.14 million respectively.
In the same month last year, these were $164.85 million, $145.27 million, $166.81 million, $103.85 million, $77.26 million and $26.08 million.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during August amounted to $82.14 million compared with $95.89 million in the same month last year.
The State Bank, ministry of finance and ministry of overseas Pakistanis had undertaken a joint initiative called Pakistan Remittance Initiative (PRI) with a view to facilitating the flow of remittances through formal channels. After this, remittances through formal channels are showing a considerable growth.
Published in The Express Tribune, September 10th, 2010.
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