Overseas remittances trace upward spiral

Overseas Pakistanis remitted an amount of US $ 9,735.56 million in the first nine months (July 2011- March 2012) of the current fiscal year 2011-12 (FY12), showing an impressive growth of 21.45 percent or $ 1,719.38 million when compared with $8,016.18 million received during the same period of the last fiscal year (July-March 2011).
Remittances received from all countries of the world showed growth during the first nine months of the current fiscal year, a statement of State Bank of Pakistan (SBP) said.
The inflow of remittances during July-March 2012 from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $2,655.38 million, $2,140.91 million, $1,724.27 million, $1,131.81 million, $1,099.39 million and $273.42 million respectively compared with the inflow of $1,822.00 million, $1,859.28 million, $1,491.05 million, $879.53 million, $ 948.12 million and $ 255.73 million respectively in July- March 2011.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first nine months of the current fiscal year (July-March 2012)amounted to $710.38 million as against $760.42 million received in the first nine months of the last fiscal year (July-March 2011).
The monthly average remittances for July-March 2012 period comes out to $1,081.73 million as compared to $890.69 million during the corresponding period of the last fiscal year, registering an increase of 21.45 percent.
Last month, an amount of $1,142.77 million was sent home by overseas Pakistanis, up by 8.54 percent, compared with $1,052.90 million received in the same month of 2011.
Almost all of this growth in remittances during March, 2012 over the corresponding period of the last fiscal year was through banking channels.
In March 2012, the inflow of remittances from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $329.40 million, $237.02 million, $198.82 million, $140.61 million, $130.48 million and $28.51 million respectively compared with the inflow of $259.00 million, $232.19 million, $192.79 million, $108.62 million, $128.10 million and $35.49 million respectively in March 2011.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during March 2 2012 amounted to $77.93 million as against $ 96.69 million received in the same month (March 2011) of the last fiscal year.
The continued impressive growth in workers’ remittances is the result of the efforts made by Pakistan Remittance Initiative (PRI) in collaboration with other stakeholders to facilitate both Overseas Pakistanis and their families back home. Since its inception, PRI has taken a number of steps to enhance the flow of remittances through formal channels which include: (a) preparation of national strategies on remittances (b) taking all necessary steps to implement the overall strategy (c) playing the advisory role for financial sector in terms of preparing a business case, relationship building with overseas correspondents, creating separate efficient remittance payment highways and (d) becoming a national focal point for overseas Pakistanis through round the clock call centre (021-111-222-774) with toll free lines,separate website etc. It may be recalled that in order to provide an ownership structure in Pakistan for remittance facilitation, the Government of Pakistan through State Bank of Pakistan, Ministry of Overseas Pakistanis and the Ministry of Finance had launched a joint initiative called Pakistan Remittance Initiative (PRI) in April 2009.
This initiative has been taken to achieve the objective of facilitating & supporting faster, cheaper, convenient and efficient flow of remittances.