KARACHI – Remittances sent home by the Pakistani Diaspora continued to grow, as an amount of $6.12 billion was received in the first seven months (July-January) of the Fiscal Year 2010-11, showing an increase of $919.92 million or 17.70% compared to $5.19 billion received over the same period in the last fiscal year.
The inflow of remittances in the July-January 2011 from UAE, Saudi Arabia, USA, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $1.44 billion, $1.35 billion, $1.14 billion, $721.47 million, $669.70 million and $195.66 million respectively, compared to $1,180.24 million, $999.41 million, $1,061.89 million, $737.72 million, $550.35 million and $157.93 million respectively in the same period last year.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first seven months of the current fiscal year amounted to $594.98 million compared to $509.55 million in the previous year. Average monthly remittances for the period stand at $874 million as compared to $742.58 million during the same corresponding period in the last fiscal year, registering an increase of 17.70 percent.
In January 2011, an amount of $826.57 million was sent home by overseas Pakistanis, up 23.76 percent or $158.67 million, when compared with $667.90 million received in the same month last year. During the last month, January 2011, remittances from Saudi Arabia, UAE, USA, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $209.58 million, $181.40 million, $148.03 million, $95.18 million, $92.53 million and $23.56 million respectively as compared to $153.50 million, $158.33 million, $123.49 million, $95.27 million, $67.56 million and $15.14 million in January 2010.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during January 2011 amounted to $76.29 million compared with $54.61 million in the same month last year. It is noteworthy 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.
Remittances through formal channels are now registering considerable growth.
