The Pakistanis working abroad remitted over $7.116 billion during the first half of the current fiscal year, from July to December 2012.
A central bank report on Thursday showed an increase of 12.51 percent in this regard compared to the corresponding period of FY 12.
The State Bank pointed out that the remittances received through banks amounted to $6.421 billion (90%), through exchange companies $640 million (9%) and through Pakistan Post $56 million (1%).
The inflow of remittances during the period under review from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman), and EU countries amounted to $1.960 billion, $1.460 billion, $1.155 billion, $1.005 billion, $811.18 million and $188.77 million, respectively. In FY 12 these figures stood at $1.661 billion, $1.412 billion, $1.150 billion, $726.35 million, $721.19 million and $189.14 million from the respective destinations. The remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first half of the current fiscal year (July- December FY13) amounted to $ 534.68 million as against $463.61 million received in the first half of the last fiscal year. The monthly average remittances for July-December 2012 period comes out to $1.186 billion as compared to $1.054 million during the corresponding period last year.
An amount of $1.134 billion was remitted by overseas Pakistanis in December, 2012 as against $ 1.085 billion in the same month of the last fiscal year (December 2011) depicting a growth of 4.54%. In December (2012), the inflow of remittances from Saudi Arabia, UAE, USA, UK, GCC countries, and EU countries amounted to $351.17 million, $220.28 million, $161.97 million, $159.15 million, $134.49 million and $27.61 million respectively as compared with an inflow of $297.53 million, $ 245.67 million, $175.12 million, $132.05 million, $121.15 million and $28.88 million respectively in December, 2011. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the sixth months of the current fiscal year (December FY13) amounted to $79.99 million as against $84.95 million received in the sixth months of the last fiscal year.
The central bank attributes this growing trend to the Pakistan Remittance Initiative (PRI). “The continued growth in worker remittances is the result of efforts made by Pakistan Remittance Initiative (PRI) in collaboration with other stakeholders to facilitate both overseas Pakistanis and their families back home,” the regulator said. Since its inception, the PRI had taken a number of steps to enhance the flow of remittances through formal channels which include preparation of national strategies on remittances, taking all necessary steps to implement the overall strategy, playing an advisory role for financial sector in terms of preparing a business case, relationship building with overseas correspondents, creating separate efficient remittance payment highways and becoming a national focal point for overseas Pakistanis through a round the clock call-centre with toll free lines, separate web site etc, the state bank said.
