Overseas workers send home $13.9b in 2012-13

Remittances show 5.5% growth over previous fiscal year.

KARACHI: Overseas Pakistanis sent home a record $13.920 billion in the previous fiscal year (July 2012-June 2013), showing a growth of 5.56% or $733.64 million compared with $13.187 billion a year earlier, according to data released by the State Bank of Pakistan on Wednesday.

Remittances from Saudi Arabia, UAE, USA, UK, Gulf Cooperation Council (GCC) countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $4.105 billion, $2.750 billion, $2.186 billion, $1.946 billion, $1.608 billion and $357.37 million respectively.

A year ago, inflows were $3.687 billion, $2.849 billion, $2.334 billion, $1.521 billion, $1.495 billion and $364.79 million respectively.

Remittances from Norway, Switzerland, Australia, Canada, Japan and other countries in July-June 2012-13 were $967.79 million against $935.36 million in the previous fiscal year (July-June 2011-12).

Monthly average of remittances was calculated at $1.160 billion compared to $1.099 billion in the previous fiscal year.

In June 2013 alone, overseas Pakistani workers sent home $1.165 billion, up 4.23%, compared with $1.117 billion in the corresponding month of 2012.

In the month, remittances from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries were $353.18 million, $218.60 million, $179.93 million, $171.94 million, $138.18 million and $31.03 million respectively.

In comparison, inflows were $333.68 million, $219.14 million, $206.60 million, $126.72 million, $128.12 million and $29.24 million respectively in June 2012.

From Norway, Switzerland, Australia, Canada, Japan and other countries, Pakistani workers remitted $71.93 million in June against $73.98 million in the corresponding month last year.

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

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