Overseas Pakistanis remitted over $1.3bn in August 2011

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Overseas Pakistanis remitted over $1.3bn in August 2011

KARACHI: Overseas Pakistani workers remitted a historic amount of $1,310.47 million in August, 2011 against $933.06 million in the same month of last fiscal year (August 2010), showing a tremendous jump of $377.41 million or 40.45%, State Bank of Pakistan said on Monday.

The previous highest amount remitted in a single month by overseas Pakistani workers was recorded in June 2011 when they sent home $1,104.56 million. This was sixth consecutive month when Pakistani workers remitted over $1 billion. They had remitted $1,052.90 million, $1,030.43 million, $1,049.80 million, $1,104.56 million & 1,096.31 million in March, April, May, June and July 2011 respectively.

Remittances received from all countries showed impressive growth. In August 2011, inflow of remittances from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar & Oman), and EU countries amounted to $309.79 million, $294.46 million, $263.58 million, $163.90 million, $134.31 million & $42.38 million respectively compared with inflow of $205.56 million, $212.56 million, $186.82 million, $108.29 million, $108.54 million & $29.14 million respectively in August, 2010.

Remittances from Norway, Switzerland, Australia, Canada, Japan, other countries in second month of current fiscal year (August FY12) amounted to $102.05 million against $82.15 million received in second month of last fiscal (August FY11).

Overseas Pakistani workers remitted $2,406.78 million in first two months (July- August) of current fiscal 2011-12 (FY12), showing impressive growth of 39.58% or $682.54 million when compared with $1,724.24 million received in same period of last fiscal (July- August 2010).

Inflow of remittances in July-August, 2011 from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar & Oman), and EU states amounted to $601.62 million, $552.11 million, $458.45 million, $282.45 million, $250.76 million & $74.97 million respectively as compared with $400.50 million, $389.59 million, $330.68 million, $193.86 million, $209.79 million & $52.99 million respectively in July-August 2010.

Remittances from Norway, Switzerland, Australia, Canada, Japan and other countries in first two months of current fiscal (July- August FY12) amounted to $186.42 million against $146.83 million received in first two months of last fiscal (July- August FY11).

SBP, Ministries of Finance & Overseas Pakistanis had undertaken joint Pakistan Remittance Initiative PRI to facilitate flow of remittances in the country through formal channels. It has shown remarkable progress as remittances through formal channels have beaten all previous records.

Daily Times - Leading News Resource of Pakistan