KARACHI: The continuous growth in remittances shows no sign of slowing down as overseas Pakistani workers remitted $9.235 billion in the first eight months (July 2012 to February 2013) of fiscal year 2012-13, showing a growth of 7.47% or $0.642 billion compared with $8.593 billion in the corresponding period of preceding year.
According to data released by the State Bank of Pakistan (SBP) on Monday, inflow of remittances from Saudi Arabia, United Arab Emirates, US, UK, Gulf Cooperation Council (GCC) countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $2.628 billion, $1.866 billion, $1.461 billion, $1.285 billion, $1.068 billion and $0.243 billion respectively.
In the same period last year, the inflows from these countries were $2.326 billion, $1.904 billion, $1.526 billion, $0.991 billion, $0.969 billion and $0.245 billion respectively.
Remittances from Norway, Switzerland, Australia, Canada, Japan and other countries during the first eight months of the current fiscal year amounted to $0.685 billion as against $0.633 billion received in the first eight months of last fiscal year.
Monthly average of remittances for July-February 2012-13 clocked in at $1.154 billion as compared to $1.074 billion during the corresponding period of last fiscal year.
In February alone, Pakistanis working abroad sent $1.028 billion against $1.157 billion in the corresponding month of last year, depicting a decline of 11.15%.
In the month, inflow of remittances from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $0.336 billion, $0.196 billion, $0.137 billion, $0.129 billion, $0.126 billion and $0.025 billion respectively.
Pakistan Remittance Initiative 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, March 12th, 2013.
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So MAJORITY of the remittances comes from non-dual national holders. Interesting.