Overseas Pakistanis remit over $8bn during first seven months

The Pakistanis working overseas remitted $ 8.206 billion during the first seven months of the current fiscal year, July–JanuaryFY13, the central bank reported Monday.
This, the bank said, shows a growth of 10.36 percent or $ 770.41 million compared with $7.435 billion the country had received during the corresponding months of FY12. The inflow of remittances during the period in review from Saudi Arabia, UAE, USA, UK, GCC countries, including Bahrain, Kuwait, Qatar and Oman, and EU countries stood at $2.292 billion, $1.669 billion, $1.324 billion, $1.155 billion, $941.83 million and $217.89 million, respectively.
Last year the same month had seen overseas Pakistanis sending back home from these destinations $2.008 billion, $1.644 billion, $1.328 billion, $853.47 million, $845.41 million and $215.64 million.The remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries amounted to $605.89 million as against $540.34 million received last year. The monthly average receipt of remittances for the period comes out to $1.172 billion compared to $1.062 billion during the corresponding period of last fiscal year.
Over $1.089 billion were remitted by overseas Pakistanis during the month of January as against $ 1.110 billion during the same month of 2012. The month in review saw inflows from Saudi Arabia, UAE, USA, UK, GCC and EU countries amounting to $331.40 million, $208.46 million, $168.46 million, $150.34 million, $130.65 million and $29.12 million respectively.
The remittances received in January 2012 were recorded at $346.58 million, $ 231.42 million, $178.07 million, $127.12 million, $124.22 million and $26.50 million respectively from the above regions. Pakistan received from Norway, Switzerland, Australia, Canada, Japan and other countries during the month $71.21 million as against $76.73 million received last year. “The continued 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.