Remittances rise 25% to $926.9 million

Continual rise seen in inflows. $225.75m remitted from United Arab Emirates in November.

KARACHI: Remittances rose 24.78 per cent to $926.9 million, the second highest ever, in November compared with $742.8 million received in the same period last year, according to data released by the State Bank of Pakistan (SBP) on Saturday.

In August 2010, an amount of $933.06 million was received as workers’ remittances.

Money wired from the United Arab Emirates was the highest at $225.75 million against $175.01 million in the same period last year, country wise break up of data shows.

Remittances from USA, Saudi Arabia, GCC states (including Bahrain, Kuwait, Qatar & Oman), UK and EU countries amounted to $175.05 million, $171.45 million, $113.39 million, $102.85 million and $30.5 million, respectively, compared with $144.12 million, $134.75 million, $109.65 million, $92.67 million and $21.68 million in November 2009. Remittances from Norway, Switzerland, Australia, Canada, Japan and other countries in November amounted to $107.9 million from $64.85 million in same month last year.

Aggregated inflow during the first five months of fiscal year 2011 continued to show a rising trend as $4.4 billion was received, showing an increase of $595.72 million or 15.54 per cent over same period of last fiscal year.

Published in The Express Tribune, December 12^th, 2010.