KARACHI – Overseas Pakistani workers remitted a historic $1,052.88 million in March, 2011 compared to $763.72 million in the same month of the last fiscal year (March 2010), showing a tremendous jump of $289.16 million or almost 38 percent.
Workers’ remittances have escalated to such a level for the first time in Pakistan’s history. Previously, the highest amount remitted in a single month was in August 2010, when $933.06 million was sent home.
Remittances from Saudi Arabia, UAE, USA, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries aggregated to $259.00 million, $232.19 million, $192.79 million, $128.10 million, $108.62 million and $35.49 million respectively in March 2011, compared to $193.91 million, $178.86 million, $144.50 million, $105.89 million, $64.71 million and $18.15 million in March 2010, posting notable growth during the last month.
Remittances, received from Norway, Switzerland, Australia, Canada, Japan and other countries during March 2011, amounted to $96.69 million compared to $57.68 million in the same month last year. Pakistani workers remitted $8,016.16 million in the first nine months (July-March) of the current fiscal year 2010-11, showing an increase of $1465.33 million or 22.37 percent compared with $6,550.83 million in the same period of last fiscal year.
Remittance of $8,016.16 million in July- March 2011 includes $0.03 million, received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs). The inflow of remittances in July-March, 2011 from UAE, Saudi Arabia, USA, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries totaled $1,859.28 million, $1,822.00 million, $1,491.05 million, $948.12 million, $879.53 million and $255.73 million respectively compared to $1,497.19 million, $1,342.77 million, $1,317.71 million, $932.83 million, $660.97 million and $189.57 million respectively in July-March, 2010.
Remittances, received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first nine months of the current fiscal year, were $760.42 million as against $608.78 million in the same period last year. The monthly average remittances, for July-March 2011, stood at $890.68 million compared to $727.87 million in the same corresponding period of the last fiscal year, registering an increase of 22.37 percent.
Workers’ remittances target in the Annual Plan for FY11 was around $9.0 billion, while remittances by overseas Pakistanis during the first nine months of the current fiscal year have crossed the $8.0 billion mark. It may also 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 facilitate flow of remittances through formal channels.
This initiative has started to materialise and remittances through formal channels have shown considerable growth.
