Remittances rise over 7.47% to $9.23 billion
Tuesday, March 12, 2013
KARACHI: Overseas Pakistani workers remitted an amount of $9,234.72 million in the first eight months (July to February) of the current fiscal year 2012-13 (FY13), showing a growth of 7.47 percent or $641.93 million when compared with $8,592.79 million received during the same period of last fiscal year, Daily Times learnt on Monday.
The inflow of remittances in July to February 2013 from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman), and EU countries amounted to $2,627.78 million, $1,865.73 million, $1,461.13 million, $1,284.75 million, $1,067.50 million and $242.61 million, respectively as compared with the inflow of $2,325.98 million, $1,903.89 million, $1,525.45 million, $991.20 million, $968.91 million and $244.91 million, respectively in July to February 2012. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first eight months of current fiscal year (July to February FY13) amounted to $685.17 million as against $632.45 million received in the first eight months of last fiscal year.
The monthly average remittances for July to February 2013 period comes out to $1,154.34 million as compared to $1,074.10 million during the corresponding period of the last fiscal year.
An amount of $1,028.33 million was remitted by overseas Pakistanis in February 2013 as against $1,156.81 million in the same month of the last fiscal year.
In February 2013, the inflow of remittances from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman), and EU countries amounted to $335.76 million, $196.37 million, $137.13 million, $129.40 million, $125.67 million and $24.72 million, respectively as compared with the inflow of $317.51 million, $259.55 million, $197.14 million, $137.73 million, $123.50 million and $29.27 million, respectively in February 2012. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the eighth month of the current fiscal year amounted to $79.28 million as against $92.11 million received in the eighth month of last fiscal 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. Since its inception, PRI has taken a number of steps to enhance the flow of remittances through formal channels which include: (a) preparation of national strategies on remittances (b) taking all necessary steps to implement the overall strategy (c) playing the 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 with toll free lines, separate web site etc.
It may be recalled that in order to provide an ownership structure in Pakistan for remittance facilitation, the government of Pakistan through State Bank of Pakistan, Ministry of Overseas Pakistanis and the Ministry of Finance had launched a joint initiative called PRI in April 2009. This initiative has been taken to achieve the objective of facilitating and supporting faster, cheaper, convenient and efficient flow of remittances. staff report
inflow of remittances :
Countries .July to Feb 2013. July to Feb 2012
Saudi Arabia. $2,627.78m .$2,325.98m
UAE .$1,865.73m .$1,903.89m
USA .$1,461.13m .$1,525.45m
UK .$1,284.75m .$991.20m
GCC countries .$1,067.50m .$968.91m
EU countries .$242.61m .$244.91m
Daily Times - Leading News Resource of Pakistan
Tuesday, March 12, 2013
KARACHI: Overseas Pakistani workers remitted an amount of $9,234.72 million in the first eight months (July to February) of the current fiscal year 2012-13 (FY13), showing a growth of 7.47 percent or $641.93 million when compared with $8,592.79 million received during the same period of last fiscal year, Daily Times learnt on Monday.
The inflow of remittances in July to February 2013 from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman), and EU countries amounted to $2,627.78 million, $1,865.73 million, $1,461.13 million, $1,284.75 million, $1,067.50 million and $242.61 million, respectively as compared with the inflow of $2,325.98 million, $1,903.89 million, $1,525.45 million, $991.20 million, $968.91 million and $244.91 million, respectively in July to February 2012. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first eight months of current fiscal year (July to February FY13) amounted to $685.17 million as against $632.45 million received in the first eight months of last fiscal year.
The monthly average remittances for July to February 2013 period comes out to $1,154.34 million as compared to $1,074.10 million during the corresponding period of the last fiscal year.
An amount of $1,028.33 million was remitted by overseas Pakistanis in February 2013 as against $1,156.81 million in the same month of the last fiscal year.
In February 2013, the inflow of remittances from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman), and EU countries amounted to $335.76 million, $196.37 million, $137.13 million, $129.40 million, $125.67 million and $24.72 million, respectively as compared with the inflow of $317.51 million, $259.55 million, $197.14 million, $137.73 million, $123.50 million and $29.27 million, respectively in February 2012. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the eighth month of the current fiscal year amounted to $79.28 million as against $92.11 million received in the eighth month of last fiscal 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. Since its inception, PRI has taken a number of steps to enhance the flow of remittances through formal channels which include: (a) preparation of national strategies on remittances (b) taking all necessary steps to implement the overall strategy (c) playing the 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 with toll free lines, separate web site etc.
It may be recalled that in order to provide an ownership structure in Pakistan for remittance facilitation, the government of Pakistan through State Bank of Pakistan, Ministry of Overseas Pakistanis and the Ministry of Finance had launched a joint initiative called PRI in April 2009. This initiative has been taken to achieve the objective of facilitating and supporting faster, cheaper, convenient and efficient flow of remittances. staff report
inflow of remittances :
Countries .July to Feb 2013. July to Feb 2012
Saudi Arabia. $2,627.78m .$2,325.98m
UAE .$1,865.73m .$1,903.89m
USA .$1,461.13m .$1,525.45m
UK .$1,284.75m .$991.20m
GCC countries .$1,067.50m .$968.91m
EU countries .$242.61m .$244.91m
Daily Times - Leading News Resource of Pakistan
