KARACHI – Remittances sent home by overseas Pakistanis continued to show a rising trend as an amount of over $6.963 billion was received in the first eight months (July-February) of the current fiscal year 2010-11.
This shows an increase of over $1.176 billion or 20.32 percent compared to $5.787 billion received over the last corresponding period, the State Bank said. In the period, inflow of remittances from UAE, Saudi Arabia, USA, GCC (Gulf Cooperation Council) countries including Bahrain, Kuwait, Qatar and Oman, UK and the European Union (EU) amounted to $1.627 billion, $1.563 billion, $1.298 billion, $820.02 million, $770.91 million and $220.24 million, respectively, compared to $1.318 billion, $1.148 billion, $1.173 billion, $826.94 million, $596.26 million and $171.42 million, respectively, in the same period last year.
During the period under review, the Pakistani Diaspora remitted $663.73 million from Norway, Switzerland, Australia, Canada, Japan and other countries against $551.10 million during the same time last year.
The monthly average remittances for the July-February period comes out to $870.41 million as compared to $723.39 million during the last corresponding period, registering an increase of 20.32 percent.
In February 2011, an amount of $845.28 million was sent home by overseas Pakistanis, up 43.50 percent or $256.25 million, when compared with $589.03 million received in the same month last year.
In February 2011, remittances from Saudi Arabia, UAE, USA, UK, GCC and EU countries amounted to $209.60 million, $190.04 million, $152.55 million, $101.21 million, $98.55 million and $24.58 million, respectively as compared to $149.45 million, $138.09 million, $111.32 million, $45.91 million, $89.22 million and $13.49 million in February 2010. The remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during February 2011 amounted to $68.75 million compared with $41.55 million in the same month last year.
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. This initiative has started to generate positive results and remittances through formal channels are showing considerable growth, the State Bank of Pakistan stressed.
