Worker remittances reach $12.76 billion

Money sent home by overseas Pakistanis increases 5.7%.

KARACHI: Overseas Pakistanis have sent home $12.762 billion in 11 months of the current fiscal year, a growth of 5.74% or $693.34 million compared with $12.069 billion received in the same period of last fiscal year, shows data released by the State Bank of Pakistan.

Inflow of remittances from July-May 2012-13 from Saudi Arabia, UAE, USA, UK, Gulf Cooperation Council countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $3.751 billion, $2.531 billion, $2.006 billion, $1.774 billion, $1.470 billion and $326.34 million respectively.

In comparison, the inflows were $3.353 billion, $2.630 billion, $2.128 billion, $1.394 billion, $1.367 billion and $335.55 million respectively in July-May 2011-12.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries in 11 months of the current fiscal year stood at $902.98 million against $861.38 million in the corresponding period of last year.

Monthly average of remittances for July-May this fiscal year came to $1.160 billion compared to $1.097 billion in the same period a year ago.

In May alone, overseas Pakistani workers sent home $1.193 billion, almost the same as in May 2012 when $1.192 billion was remitted.

In the month, remittances from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $379.96 million, $219.56 million, $186.29 million, $162.95 million, $138.03 million and $28.65 million respectively.

In the corresponding month last year, overseas Pakistanis remitted $365.46 million, $243.46 million, $205.52 million, $130.71 million, $140.27 million and $30.96 million respectively.

Published in The Express Tribune, June 11^th, 2013.

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