Pakistan Remittance News

[Neo]

Pakistan receives record remittances of $4.98 billion ​

Saturday, June 16, 2007

KARACHI: Pakistan has received a record amount of $4,988.10 million as workers’ remittances during the first eleven months of the current fiscal year 2006-07 as against $4,136.25 million in the corresponding period of the last fiscal year, posting an increase of 20.59 percent ($851.85 million).

According to data released by the State Bank of Pakistan, the monthly average of remittances for the period July-May 2007 comes out to $453.46 million as compared to $376.02 million during the same period of the last fiscal year, which also comes down to an increase of 20.59 percent.

The amount of $4,988.10 million includes $2.57 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).

During May 2007, Pakistani workers remitted the highest-ever amount of $537.98 million in a single month. The previous highest amount remitted in a single month was recorded in March 2007, when overseas Pakistanis sent an amount of $520.24 million to homeland.

The inflow of remittances during the first eleven months of the current fiscal year from USA, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $1,319.47 million, $927.09 million, $771.10 million, $689.17 million, $392.59 million and $136.53 million, respectively as compared to $1,119.34 million, $670.93 million, $635.54 million, $537.39 million, $400.00 million and $109.92 million during the same period last fiscal year.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first eleven months of the current fiscal year amounted to $749.58 million as compared to $652.03 million in the corresponding period of the last fiscal year, showing an increase of $97.55 million or 14.96 percent.

The inflow of remittances into Pakistan from most of the countries of the world increased last month as compared to May 2006.

According to the break up, remittances from USA, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $143.35 million, $99.49 million, $97.59 million, $79.29 million, $37.99 million and $13.45 million, respectively as compared to the corresponding receipts from the respective countries during May 2006 i.e. $124.56 million, $86.29 million, $79.70 million, $60.09 million, $53.60 million and $12.86 million. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during May 2007 amounted to $66.49 million as compared to $89.18 million during May 2006.

http://www.dailytimes.com.pk/default.asp?page=2007\06\16\story_16-6-2007_pg5_11

 

[fatman17]

Pakistan received record migrant remittances in 2007:WB

WASHINGTON, March 20 (APP): Pakistan received 6.1 $ billion in remittances in 2007, recording an increase of almost one billion dollars from the preceding year, according to the World Bank’s new Migration and Remittances Factbook 2008, released Wednesday.

Inward remittances flows for Pakistan have been on the consistent rise since 2000, when it received 1,075 million. The volume of workers remittances had jumped to $ 5.12 billion in the year 2006.

In South Asia, the Factbook says, top five remittance recipients in 2007 were:India ($27.0 bn), Bangladesh ($6.4 bn), Pakistan ($6.1 bn), Sri Lanka, ($2.7 bn), Nepal ($1.6 bn).

In terms of percentage of GDP the top five South Asian countries in 2006 were Nepal (18.0%), Bangladesh (8.8%), Sri Lanka (8.7%), Pakistan (4.0%), India (2.8%).

Worldwide, the top five recipients of migrant remittances in 2007 were India ($27 billion), China ($25.7 billion), Mexico ($25 billion), the Philippines ($17 billion), and France ($12.5 billion).

The latest World Bank report says globally remittances have ballooned in recent years and for 2007, recorded remittances flows worldwide are estimated at $318 billion, of which $240 billion went to developing countries.

These flows do not include informal channels, which would significantly enlarge the volume of remittances if they were recorded.

Rich countries are the main source of remittances. The United States is by far the largest, with $42 billion in recorded outward flows in 2006. Saudi Arabia ranks as the second largest, followed by Switzerland and Germany.

While South-South migration nearly equals South-North migration, rich countries are still the main remittances source, led by the U.S.

The United States was also the top immigration country in 2005, with 38.4 million immigrants, followed by the Russian Federation (12.1 million), and Germany (10.1 million). Among low-income countries, India had the highest immigration volume (5.7 million), followed by Pakistan (3.3 million).

 

[fatman17]

Pakistan's Remittance Flow Records Over 20 Percent Growth

April 16, 2008

Siddique Islam - AHN South Asia Correspondent

Karachi, Pakistan (AHN) - Pakistan received US$4.720 billion remittances in the nine months of fiscal 2007-08, officials said.

This was a 20.10 per cent rise over the amount sent by the Pakistanis working abroad in the same period of the previous fiscal. In July-March period of fiscal 200607, the country received remittance worth $3.930 billion.

The remittances were estimated at a record $602.2 million in March 2008, which is a record for the highest remittances during a month in the history of the country.

Syed Waseemuddin, spokesman of the State Bank of Pakistan, the country's central, told the Geo News that the remittances received during March is a record.

 

[javedm]

Dr. Farooq Sattar after taking over as Minister for Overseas Pakistanis in his first statement stated that remittances from Overseas Pakistanis (OPs) will increase as the government was taking steps to achieve it including sending more workforce abroad. His statement surely is based on summary prepared by the bureaucracy which is expert in drawing such beautiful green garden designs sitting in air conditioned offices over coffee and free phone chat on office expense.

2. Under the title "Indians being to return from as the Gulf dreams crash", Siddhartha Kumar in Business Recorder of 18 February 2009 writes that the construction companies in Dubai have booked planes next month to fly 20,000 to 30,000 workers back to India while white collar Indian professionals and technicians are facing the axe from UAE, Kuwait, Bahrain etc. Business Recorder 19 February 2009 in its article "Remittances from South Asians in Gulf drops by 9%" says that the Pakistan with 56% of its remittances coming from the Gulf is expected to be hit in the second half of 2009. The whole world knows there is no more scope at least at present and in the very near future of any large scale foreign workforce employment in the middle east.

3. Our governments always plan high profile schemes like last week's one for providing the Overseas Pakistanis (OPs) tele banking whereas the normal banking has become hard for them. Our own resources due to the unfortunate law and order situation mainly created by outside forces can not afford us such schemes for OPs which involve spending of national money where even a common service like the ATM is not available to all in big cities like Karachi, Islamabad. Dr. Farooq Sattar fortunately belongs to a real educated class not merely a certificate holder and more particularly from 120 sq.yds residents lower middle class. I am also resident on a similar 120 sq.yds in the same Federal B Area of Karachi which is the birth place of MQM. Dr. Sattar with present set up I very much doubt can practically deliver anything to the OPs. Raising big slogans of providing this and that, making Karachi a Hong Kong only suits other parties like PPP not to educated people like that of MQM. Dr. Farooq Sattar and MQM taking the opportunity of its presence if can do two very simple things will be as big as that of getting the whole Kashmir annex to Pakistan. The first one is taking advantage of its majority hold in Karachi City Local Government, it saves the 1975 established Mehran Town Housing Scheme for Overseas Pakistanis situated in Korangi from the hands of encroachers and gets it officially declared as a small cottage industrial area. According to JANG and The News at present anyone without any fear can sit on any plot in this Scheme the only thing needed is to erect a bamboo flying "a" political party's flag over. Every government claimed that OPs were very dear to it. Nawaz Sharif sloganed that the OPs whether holding Pakistani passports or foreign were Pakistanis, Pakistan was their home and they belonged to one family. He further stated that they can any time come their home Pakistan and do whatever they wanted. But same Nawaz Sharif after taking form their pockets for Qarz Uttaro immediately created a separate National ID Card for Overseas Pakistanis/Pakistan Origin Card only and only to fetch and generate more money. Dr. Farooq Sattar/MQM taking its presence can well do if it takes up seriously that those OPs who after having served abroad for 20 or more years when come back permanently as endorsed on their Passports by the Pakistan Embassies, are treated as pensioners and are allowed to join National Savings pensioners scheme. This is a minor thing but elite bureaucracy would not like to do it as this idea does not involve any expense from the national exchequer and this bureaucracy likes only those schemes on fetch huge expense. Those Governments who can not do such small things needing no task force, no expenditure etc how can their words be trusted.

 

[Gin ka Pakistan]

DAWN.COM | Home | Your Source of News on the World Wide Web

Remittances for 2008/09 at record $7.8 bln

Friday, 10 Jul, 2009 | 04:50 PM PST |

KARACHI: Pakistan received a record $7.811 billion in remittances from overseas nationals in the 2008/09 fiscal year that ended on June 30, the State Bank of Pakistan said on Friday.

The amount, the highest ever in a financial year, was 21.08 per cent higher than the $6.451 billion remitted in 2007/08, the central bank said in a statement.

The largest inflow of remittances during the year came from the United States, with $1.74 billion, followed by the United Arab Emirates with $1.69 billion, the central bank said.

In June alone, the remittances rose 34.30 per cent from June 2008 to $735.17 million — the second highest monthly total, it said.

The record monthly amount is $739.43 million, received in March.

The bank did not give a reason for the rise in remittances. — Reuters

 

[Neo]

The beginning of the end?: Record $7.8bn remittances: what next?​

KARACHI: State Bank of Pakistan proudly announced on Friday that Pakistan received the highest-ever amount of over $7.811 billion as workers' remittances in 2008-09, beating the previous record of $6.451 billion of 2007-08.

Remittances have been rising for past several years, but this year's increase has rung alarm bells in the country. People have expressed fears that Pakistanis working abroad might return home in large numbers owing to the recessionary conditions in developed countries, particularly the US. Also, people who had been working in UAE's construction industry are coming back owing to the slump experienced by the real estate sector there.

In this scenario, flow of money from abroad is likely to go down this year, which will be a difficult situation for the government in Pakistan to manage. Successive governments have relied heavily on remittances to meet trade and current account deficits during the last seven years.

The money sent by overseas Pakistanis used to be invested either in real estate or in some business, which would boost country's gross domestic product. Now the economy of the country will also lose this investment. The return of overseas Pakistanis will be a huge setback to the country's economy also because the large number of people coming back home will look for jobs and put immense pressure on a job market where already there are hundreds of candidates for every new job opening. The jobless rate will rise sharply and could lead to social unrest.

In FY09, workers' remittances showed an increase of 21.08 percent, or $1.36 billion, when compared with FY08. The monthly average remittances during the year stood at $650.95 million as compared with $537.60 million in 2007-08.

The inflow of remittances from USA, UAE, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $1.735 billion, $1.688 billion, $1.559 billion, $1.202 billion, $605.69 million and $247.66 million, respectively, compared with $1.762 billion, $1.090 billion, $1.251 billion, $983.39 million, $458.87 million and $176.64 million.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during FY09 amounted to $771.03 million as against $726.29 million in FY08.

In June 2009, Pakistani workers remitted an amount of $735.17 million, up $187.76 million or 34.30 percent when compared with $547.41 million sent home in June 2008. The amount remitted in June 2009 is the second-highest received in one month, following $739.43 million sent home in March 2009.

The inflow of remittances into Pakistan from most of the countries of the world increased last month as compared to June 2008. According to the break up, remittances from UAE, USA, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries stood $164.70 million, $154.39 million, $152.33 million, $108.11 million, $68.48 million and $22.95 million, respectively, compared with $88.29 million, $143.57 million, $123.67 million, $90.98 million, $38.08 million and $13.98 million in the same month of last year. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during June 2009 stood at $64.19 million compared with $48.80 million during June 2008. The amount of $7.811 billion includes $0.48 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).

 

[Gin ka Pakistan]

So in a way a good and a bad news

 

[rubyjackass]

ON first sight it looked like good news. But after I read the entire analysis, it can mean anything. Nice point that people may be making arrangement s for their return in view of recession. Never thought of that. One more tablet of wisdom.

 

[applesauce]

only bad news if those people actually went back, its only a scenario in the report

then again other countries like mexico reported a drop in remittances

 

[SBD-3]

Pakistani workers remitted a record amount of $806.12 million in September, 2009 as against
$660.35 million in the same month of the last fiscal year (September 2008), showing a jump of
$145.77 million or 22.07%. The amount of $806.12 million includes $0.08 million received
through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and
Foreign Currency Bearer Certificates (FCBCs). This is the third consecutive record amount
remitted in a single month during the current 2009-10 fiscal year (FY10). The previous highest
amount remitted in a single month by Pakistani workers was recorded in August, 2009, when an
amount of $780.53 million was received in the country. During the first quarter (July-Sept.) of
FY10, an amount of $2.332 billion was sent home by overseas Pakistanis, showing an impressive
24 percent rise when compared with $1.880 billion received in the same period last year. The
amount of $2.332 billion includes $0.74 million received through encashment and profit earned
on FEBCs and FCBCs. The monthly average of remittances in the first quarter of FY10 remained
at $777.17 million, up 24 percent from $626.62 million in the same quarter last year. The inflow
of remittances in the July‐September, 2009 period from UAE, USA, Saudi Arabia, GCC countries
(including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $504.01
million, $498.76 million, $430.75 million, $323.87 million, $235.08 million and $78.27 million
respectively as compared to $312.18 million, $499.65 million, $398.02 million, $315.37 million,
$118.57 million and $51.78 million respectively, in the July‐September, 2008 period.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries
in the first quarter of FY10 amounted to $260.02 million as against $184.18 million in the same
period last year. The inflow of remittances into Pakistan from almost all countries of the world

 

[ramiz1236]

http://www.defence.pk/forums/econom...mitence-record-2-33-billion-just-quarter.html

 

[TechLahore]

Pakistan recieves $5.7 billion in remittances : Forex News | Foreign Exchange | Currency News | Forex Analysis | Foreign Exchange Analysis | Dollars Magazine

Pakistan recieves $5.7 billion in remittances
By IM on Mar 11, 2010 with Comments 0

Pakistanis living abroad have send nearly $5.7 billion between July 2009 to February 2010, nearly 17 percent increase from the monies transfered during the same period in previous fiscal year. Last year non-resident Pakistanis had sent $4.9 billion.

For economies like Pakistan, funds repatriated by non-residents to family and friends back home, provide the most tangible link between migration and development. But after September 11attacks, it has become increasingly difficult for Pakistanis to get work visas which had resulted in negative growth of remittances.

Analysts believe that latest increase is due to strict regulation of foreign exchange market. Majority of the informal money transfer and forex firms have changed their business practice or disappeared.

Analysts point out that since remittances are unilateral transfers they do not create liabilities. And they usually come with advice—from migrants who have seen better—on how to best use them. Thus, remittances are not simply money, but value-added money.

NRPs sent $588.78 million in February 2009 compared to $641.32 of February 2010. The inflow of remittances in July-February, 2010 period from UAE, USA, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $1,317.17 million, $1,173.37 million, $1,148.86 million, $826.93 million, $596.26 million and $171.41 million respectively as compared to $1,035.55 million, $1,156.51 million, $962.30 million, $783.39 million, $344.08 million and $150.05 million respectively in the July-February, 2008-09 period.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first eight months of the current fiscal year amounted to $550.65 million as against $486.34 million in the same period last year. The monthly average remittances for the July-February 2010 period comes out to $723.36 million as compared to $614.83 million during the same period of last fiscal year, registering an increase of 17.65 percent.

During February 2010 remittances from Saudi Arabia, UAE, USA, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $149.45 million, $136.88 million, $111.48 million, $89.21 million, $45.91 million and $13.48 million respectively as compared to $123.64 million, $166.62 million, $127.48 million, $93.09 million, $54.12 million and $18.31 million in February 2009. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during February 2010 amounted to $41.13 million compared with $58.04 million in the same month of last year.

The true size, including unrecorded formal and informal flows, is believed to be significantly larger. Remittances total at least three times official development assistance and are the largest source of external financing.

 

[indian_warrior]

I heard that pakistan is full reparitible(no restriction on out flow) country. Do you have any figure for out flow?

 

[TechLahore]

I heard that pakistan is full reparitible(no restriction on out flow) country. Do you have any figure for out flow?

Forex reserves are rising, so that would tell you that inflows > outflow.

 

[Gin ka Pakistan]

10 billion is only oil bill , hard to pay.