Remittances swell to $4.43 billion in July-November

Remittances sent home by overseas Pakistanis continued to show rising trend, as an amount of $4.4283 billions were received in the first five months (July-November) of 2010-11, showing an increase of $595.72 millions or 15.54 percent, as compared to the remittances received in the same period of the last fiscal year.In November 2010, an amount of $926.89 millions were sent home by overseas Pakistanis, up by 24.78 percent or $184.10 million, when compared with $742.79 millions 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 millions were received as workers’ remittances.The inflow of remittances in the July-November, 2010 period from UAE, Saudi Arabia, USA, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $1,045.32 millions, $935.76 millions, $841.32 millions, $530.30 millions, $496.09 millions and $147.57 millions, respectively, as compared to $854.24 millions, $708.35 millions, $797.18 millions, $544.88 millions, $408.49 millions and $123.90 millions, respectively received in the July-November, 2009 period.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first five months of the current fiscal year amounted to $431.93 millions against $394.61 millions received in the same period last year. The monthly average remittances for the July-November 2010 period comes out to be $885.66 millions as compared to $766.52 millions during the same period of last fiscal year, registering an increase of 15.54 percent.During last month ie November 2010 remittances from UAE, USA, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries were $225.75 millions, $175.05 millions, $171.45 millions, $113.39 millions, $102.85 millions and $30.50 millions, respectively, as compared to $175.01 millions, $144.12 millions, $134.75 millions, $109.65 millions, $92.67 millions and $21.68 millions, respectively received in November 2009. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during November 2010 amounted to $107.90 millions as compared to $64.85 millions in the same month last year.It may be pointed out that 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 is worth mentioning here that Pakistan has been a top nation, which has shown the highest growth in the world in remittances despite the recent global financial crisis – Brecorder