The Pakistanis working abroad remitted over $12.069 billion during the first eleven months, July 2011–May 2012, of the current fiscal year (FY2011-12).
This shows an impressive growth of 19.54 percent or $1.972 billion when compared with $10.096 billion received during the corresponding period of last fiscal year (July- May 2011).
According to central bank, the inflow of remittances to Pakistan from all over the world depicted growth during the said months.
The inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $3,353.32 million, $2,629.72 million, $2,127.87 million, $1,394.38 million, $1,366.88 million and $335.55 million respectively compared with the inflow of $2,378.52 million, $2,327.70 million, $1,864.03 million, $1,093.47million, $1,184.83 million and $320.93 million respectively in July-May 2011.
While the remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries amounted to $861.38 million as against $926.86 million received in the same period of FY11.
The monthly average remittances for July‐May 2012 period comes out to $1,097.19 million as compared to $917.86 million during the corresponding period of the last fiscal year, registering an increase of 19.54 percent.
Last month, an amount of $1.192 billion was sent home by overseas Pakistanis, up by 13.56 percent, compared with $1.049 billion received in the same month of 2011.
“Almost all of this growth in remittances during May, 2012 over the corresponding period of the last fiscal year was through banking channels,” said the State Bank.
In May 2012, the inflows from Saudi Arabia, UAE, USA, GCC countries, UK and EU countries amounted to $365.46 million, $243.46 million, $205.52 million, $140.27 million, $130.71 million and $30.96 million respectively compared with the inflow of $292.72 million, $236.37 million, $186.15 million, $121.34 million, $102.55 million and $30.16 million, respectively, in May 2011.
The receipts from Norway, Switzerland, Australia, Canada, Japan and other countries during May amounted to $75.73 million as against $80.50 million received in May 2011.
“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,” said the central bank.
Since its inception, it said, PRI had 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 web site 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 and supporting faster, cheaper, convenient and efficient flow of remittances.
