Waheed Mahmood
KARACHI: Remittances sent home by overseas Pakistanis continued to show a rising trend as an amount of $4,428.30 million was received in the first five months (July-November) of the current fiscal year 2010-11, showing an increase of $595.72 million or 15.54 per cent over the same period of the last fiscal year.
In November 2010, an amount of $926.89 million was sent home by overseas Pakistanis, up 24.78 per cent or $184.10 million, compared with $742.79 million received in the same month last year.
This is the second highest amount remitted by overseas Pakistan in a single month. In August 2010, an historic amount of $933.06 million was received as workers’ remittances.
The monthly average remittances for the July-November 2010 period comes out to $885.66 million as compared to $766.52 million during the same corresponding period of the last fiscal year, registering an increase of 15.54 per cent.
This is the second highest amount remitted by overseas Pakistan in a single month. In August 2010, an historic amount of $933.06 million was received as workers’ remittances.
The monthly average remittances for the July-November 2010 period comes out to $885.66 million as compared to $766.52 million during the same corresponding period of the last fiscal year, registering an increase of 15.54 per cent.
During last month i.e. November 2010 remittances from UAE, USA, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $225.75 million, $175.05 million, $171.45 million, $113.39 million, $102.85 million and $30.50 million respectively as compared to $175.01 million, $144.12 million, $134.75 million, $109.65 million, $92.67 million and $21.68 million in November 2009. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during November 2010 amounted to $107.90 million compared with $64.85 million in the same month last year.
It may be pointed out that the State Bank, Ministry of Finance and Ministry of Overseas Pakistanis had undertaken a joint initiative called ‘Pakistan Remittance Initiative (PRI)’ with a view to facilitating the flow of remittances through formal channels. This initiative has started to materialise and remittances through formal channels are showing considerable growth. It may also be mentioned here that Pakistan has been reported as a top nation which has shown the highest growth in the world in remittances despite recent global financial crisis.
Posted in: World News
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