Remittances exceed $8 billion mark

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Remittances exceed $8 billion mark

Thursday, 10 Jun, 2010

LPG prices soar third time in a month LPG prices soar third time in a month KARACHI: Remittances sent home by overseas Pakistanis continued to show a rising trend as an amount of $8,064.47 million was received in the first eleven months (July-May) of the current fiscal year 2009-10, showing an increase of $988.21 million or 14 per cent over the same period of the last fiscal year.

This is the first time that remittances exceeded the mark of $8 billion in any fiscal year while the remittances for the month of June are yet to be accounted for. The amount of $8,064.47 million includes $1.02 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).

It may be pointed out that the State Bank, Ministry of Finance and Ministry of Overseas Pakistanis had undertaken a joint initiative called ‘Pakistan Remittance Initiative (PRI)’ with a view to facilitating the flow of remittances through formal channels.

In this regards a number of steps have been taken by PRI which has started to materialize and remittances through formal channels are showing considerable growth.

It may also be mentioned Pakistan has been reported as a top nation which has shown the highest growth in the world in remittances despite recent global financial crisis.

In May 2010, an amount of $757.86 million was sent home by overseas Pakistanis, up 5.16 percent or $37.18 million, when compared with $720.68 million received in the same month last year.

The inflow of remittances in the July-May, 2010 period from UAE, Saudi Arabia, USA, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $1,842.18 million, $1,718.31 million, $1,606.36 million, $1,132.03 million, $793.91 million and $229.74 million respectively as compared to $1,523.89 million, $1,407.23 million, $1,581.48 million, $1,094.54 million, $537.11 million and $224.71 million respectively in the July-May, 2009 period.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first eleven months of the current fiscal year amounted to $740.88 million as against $706.84 million in the same period last year.

The monthly average remittances for the July-May 2010 period comes out to $733.14 million as compared to $643.30 million during the same corresponding period of the last fiscal year, registering an increase of 14 per cent.

During last month i.e. May 2010, remittances from Saudi Arabia, UAE, USA, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $192.41 million, $178.96 million, $144.56 million, $99.03 million, $59.32 million and $19.53 million respectively as compared to $143.16 million, $157.10 million, $145.83 million, $98.52 million, $69.13 million and $28.18 million in May 2009.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during May 2010 amounted to $64.02 million compared with $78.75 million in the same month last year.

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