Remittances up by record 40.4pc to $2.4b in FY-12 | Pakistan Today

Remittances up by record 40.4pc to $2.4b in FY-12

Overseas Pakistani workers remitted a record amount of $1,310.47 million during the month of August this year, the State Bank of Pakistan (SBP) said Monday. This amount, the central bank said, shows a tremendous increase of $377.41 million or 40.45 per cent when compared with $ 933.06 million the Pakistani compatriots had sent back home during the same month in FY2010-11.
The previous highest amount remitted in a single month by overseas Pakistani workers was recorded in June 2011 when they had sent home an amount of $1,104.56 million, the SBP recalled. This was the sixth consecutive month when Pakistani workers remitted over $1 billion. They had remitted an amount of $1,052.90 million, $1,030.43 million, $1,049.80 million, $1,104.56 million and 1,096.31 million in March, April, May, June and July 2011, respectively, said the regulator.
The remittances received from all countries of the world showed an impressive growth during last month. In August 2011, the inflow of remittances from Saudi Arabia, UAE, USA, UK, GCC (Gulf Cooperation Council) countries (including Bahrain, Kuwait, Qatar and Oman), and EU countries amounted to $309.79 million, $294.46 million, $263.58 million, $163.90 million, $134.31 million and $42.38 million, respectively, as compared with the inflow of $205.56 million, $212.56 million, $186.82 million, $108.29 million, $108.54 million and $29.14 million respectively in August, 2010.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the second month of current fiscal year (August FY12) amounted to $ 102.05 million as against $82.15 million received in the second month of last fiscal year (August FY11).
The overseas Pakistani workers remitted an amount of $ 2,406.78 million in the first two months (July–August) of the current fiscal year 2011-12 (FY12), showing an impressive growth of 39.58 per cent or $ 682.54 million when compared with $ 1,724.24 million received during the same period of last fiscal year (July- August 2010). The inflow of remittances in July- August, 2011 from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman), and EU countries amounted to $601.62 million, $552.11 million, $458.45 million, $282.45 million, $250.76 million and $74.97 million respectively as compared with the inflow of $400.50 million, $389.59 million, $330.68 million, $193.86 million, $209.79 million and $52.99 million respectively in July- August 2010. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first two months of current fiscal year (July- August FY12) amounted to $ 186.42 million as against $146.83 million received in the first two months of last fiscal year (July- August FY11).



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