Pakistan workers' remittances rise over 23pc to $8.59bn

[Omar1984]

Pakistan workers' remittances rise over 23pc to $8.59bn

KARACHI: Overseas Pakistani workers remitted $8,592.79 million in first eight months (July 2011- February 2012) of current fiscal year 2011-12 (FY12), showing impressive growth of 23.40percent or $1,629.51 million when compared with $6,963.28 million received during same period of last fiscal year (July- February 2011).

Remittances received from all countries of the world showed growth in first eight months of current fiscal year. Inflow of remittances during July- February 2012 from Saudi Arabia, UAE, USA, UK, GCC states (including Bahrain, Kuwait, Qatar & Oman) and EU countries amounted to $2,325.98 million, $1,903.89 million, $1,525.45 million, $991.20 million, $968.91 million and $244.91 million respectively as compared with $1,563.00 million, $1,627.09 million, $1,298.26 million, $770.91 million, $820.02 million and $220.24 million respectively in July- February 2011, State Bank of Pakistan SBP said Friday.

Remittances from Norway, Switzerland, Australia, Canada, Japan and other countries in first eight months of current fiscal (July- February 2012) amounted to $632.45 million as against $663.73 million received in first eight months of last fiscal (July- February 2011).

Monthly average remittances for July-February 2012 period comes out to $1,074.10 million as compared to $870.41 million during corresponding period of last fiscal, registering increase of 23.40%. Last month, $1,156.81 million was sent home by overseas Pakistanis, up 36.86%, when compared with $845.28 million received in same month of February, 2011.

Almost all of this growth in remittances during February, 2012 over corresponding period of last fiscal year was through banking channels.

In February, 2012, inflow of remittances from Saudi Arabia, UAE, USA, UK, GCC states (including Bahrain, Kuwait, Qatar & Oman) and EU countries amounted to $317.51 million, $259.55 million, $197.14 million, $137.73 million, $123.50 million and $29.27 million respectively as compared with $209.60 million, $190.04 million, $152.55 million, $101.21 million, $98.55 million and $24.58 million respectively in February 2011.

Remittances from Norway, Switzerland, Australia, Canada, Japan and other countries in February 2012 amounted to $92.11 million as against $68.75 million received in same month (February 2011) of last fiscal.

The continued impressive growth in workers' remittances is result of efforts made by Pakistan Remittance Initiative (PRI) in collaboration with other stakeholders to facilitate both Overseas Pakistanis and their families back home.

Since its inception, PRI has taken number of steps to enhance flow of remittances through formal channels which include: (a) preparation of national strategies on remittances (b) taking all necessary steps to implement overall strategy (c) playing advisory role for financial sector in terms of preparing a business case, relationship building with overseas correspondents, creating separate efficient remittance payment highways and (d) becoming a national focal point for overseas Pakistanis through round the clock call centre (021-111-222-774) with toll free lines, separate web site etc.


Pakistan workers' remittances rise over 23pc to $8.59bn

 

[W.11]

the foreign pakistanis are holding up pakistan's economy, for a day of this stops,pakistan will go bankrupt!!

yeah we can only expect only this sector to grow while all others are nearly bankrupt,

 

[Doctor09]

overseas Pakistanis are working hard and their lives are full of struggles and hardships . They are contributing a lot in our economy . I think Overseas ministry should give some benefits to these Pakistanis

 

[nitetrogen70]

and we will continue to do our job

 

[p4kistan]

Anything for the motherland, we need to invest more in Pakistan but we don't due to various situations in Pakistan.

 

[nitetrogen70]

Anything for the motherland, we need to invest more in Pakistan but we don't due to various situations in Pakistan.

hopefully once IK comes in im going to start a business

 

[Doctor09]

Anything for the motherland, we need to invest more in Pakistan but we don't due to various situations in Pakistan.

dont worry sir soon we will get rid off corrupt politicians then you and many like you will find a suitable environment for investment in Pakistan

 

[American Pakistani]

I think it is duty of us Overseas Pakistanis to establish business in Pakistan so that it will create job opportunity for local Pakistani peoples. We must learn from indians here how they send around 60billion$ remits to their country every year which helped their country alot. Pakistanis send no more than 12billion$ yearly which is peanuts if compared ti india's 60billion$.

 

[Doctor09]

I think it is duty of us Overseas Pakistanis to establish business in Pakistan so that it will create job opportunity for local Pakistani peoples. We must learn from indians here how they send around 60billion$ remits to their country every year which helped their country alot. Pakistanis send no more than 12billion$ yearly which is peanuts if compared ti india's 60billion$.

sir we dont have investor friendly environment because of corruption , dirty politics and poor law and order situation , thats why investor dont feel safe by investing in Pakistan . First we have to make investor friendly environment and on the other hand we have to deal with energy crises first because without energy no industry can survive

 

[pak-marine]

no big deal its cause of high high inflation

 

[shuttler]

Salute to your patriotism and hard works! Keep advancing Pakistan!

 

[Kambojaric]

I think it is duty of us Overseas Pakistanis to establish business in Pakistan so that it will create job opportunity for local Pakistani peoples. We must learn from indians here how they send around 60billion$ remits to their country every year which helped their country alot. Pakistanis send no more than 12billion$ yearly which is peanuts if compared ti india's 60billion$.

That is because the number of the Indian diaspora is several times larger than Pakistans. According to wiki their diaspora is 30 million + in contrast to Pakistans 4.2 million. Percentage wise hence Pakistanis send back more money than Indians. If Pakistan was a stable country then the diaspora would send back even more cash.

 

[American Pakistani]

That is because the number of the Indian diaspora is several times larger than Pakistans. According to wiki their diaspora is 30 million + in contrast to Pakistans 4.2 million. Percentage wise hence Pakistanis send back more money than Indians. If Pakistan was a stable country then the diaspora would send back even more cash.

We must not look this way. No matter how much is our diaspora is we must look for more & more. We must try to go ahead in our remits from indians. If their is 60billion we must try to reach to 70billion. By your post i remember zardari's words when he came into power, he said that Pakistan should not try to match/compare itself with india as india is 5 times bigger than Pakistan & see what happens Pakistan is in worst position today. US have much much lower population than China but it is first world country cuz they think for more & more. Until you not think for more you won't get more.

 

[razgriz19]

i will be joining canada's workforce from this year. will be working with Bombardier hopefully and will try to contribute my bit to both of my countries.

 

[KALKI]

I think it is duty of us Overseas Pakistanis to establish business in Pakistan so that it will create job opportunity for local Pakistani peoples. We must learn from indians here how they send around 60billion$ remits to their country every year which helped their country alot. Pakistanis send no more than 12billion$ yearly which is peanuts if compared ti india's 60billion$.

You comparison is misplaced. Indian diaspora far outnumbers the Pakistani diaspora. As a result, Indian remittances are bound to be higher in absolute numbers.