The Pakistanis working abroad remitted a historic $1.365 billion during the month of October, reported the central bank Monday. This, the State Bank said, registered a “tremendous jump” of $347.23 million or 34.11 percent compared to $1.017 billion the country had received during the same month last year.
“The continued growth in 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 regulator.
The previous highest amount remitted in a single month by overseas Pakistanis was recorded in August 2011 when they sent home $1.310 billion, the bank recalled. The remittances received from all countries of the world showed an impressive growth during last month, it said.
In October, the inflow of remittances from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $347.52 million, $293.74 million, $217.56 million, $197.18 million, $163.37 million and $37.48 million, respectively.
The corresponding month in 2011 had seen a respective inflow of $291.20 million, $216.50 million, $167.60 million, $117.56 million, $131.54 million and $28.08 million. The remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the fourth month of FY13 was recorded at $108.25 million as against $65.39 million received last year.
An year-on-year account shows that the overseas Pakistanis remitted over $4.964 billion during the first four months (July–Oct) of the current fiscal year, showing a growth of 15.04 percent or $649.14 million compared with $4.315 billion received during the corresponding period of FY13.
The inflow of remittances in July‐ October, 2012 from Saudi Arabia, UAE, USA, UK, GCC countries and EU countries amounted to $1.308 billion, $1.046 billion, $841.28 million, $697.33 million, $559.51 million and $134.53 million, respectively. This was compared to last year’s inflows of $1.145 billion, $963.12 million, $795.35 million, $486.92 million, $486.15 million and $129.81 million from the same destinations in July-Oct 2011.
The remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the review period was counted as $ 376.12 million as against $308.34 million received last year. The monthly average remittances for July-Oct 2012 period comes out to $1.241 billion as compared to $1.078 billion during the corresponding period of the last fiscal year.
Attributing growth in remittances to PRI, the SBP said since its inception, the Initiative had taken a number of steps to enhance dollar inflows 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.
