Inflows during July 2013 from Saudi Arabia, UAE, USA, UK, GCC countries and EU countries amounted to $410.73 million, $252.41 million, $233.06 million, $221.93 million, $161.44 million and $38.59 million respectively.
Remittances coming from different countries mostly showed growth. Inflows during July 2013 from Saudi Arabia, UAE, USA, UK, Gulf Cooperation Council (GCC) countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $410.73 million, $252.41 million, $233.06 million, $221.93 million, $161.44 million and $38.59 million respectively.
In comparison, inflows from these countries were $349.66 million, $240.54 million, $215.30 million, $148.49 million, $140.36 million and $30.83 million respectively in July 2012.
Remittances from Norway, Switzerland, Australia, Canada, Japan and other countries totalled $86.23 million against $79.53 million in the same month a year earlier.
In an effort to facilitate a steady flow of remittances through legal channels, the SBP, Ministry of Overseas Pakistanis and Ministry of Finance had launched a joint initiative called Pakistan Remittance Initiative (PRI) in April 2009. The objective was to facilitate and support faster, cheaper, convenient and efficient flow of remittances.
Published in The Express Tribune, August 14th, 2013.
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COMMENTS (4)
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@Travel_Tart: I second Np. Seems like you have inadvertently written E.U (European Union), which is also a part of west, instead of M.E (middle east). It certainly helps the country in reducing the fiscal deficit and getting much needed foreign exchange.
"Why dont they leave then? Who's stopping them?"
@Travel_Tart: The labourers family is in Pakistan. Also they will not get citizenship ever in gulf, so they try to build a home in Pakistan and send money for that. The people who go to West make their omens in the West and once their entire family has migrated, stop sending money
It is surprising that poor labourers in the EU send much more money as compared to those in the Western world. . Why?