Remittances up by 15% to $13.3b in 9 months; Arab countries lead with $8.589b

[Kabira]

KARACHI: The overseas Pakistanis have remitted $13.33 billion in first nine months (July-March) of current fiscal year, reflecting a growth of 15 per cent as compared to the remittances of $11.586b recorded during the same period of previous year.

According to External Relations Department of the State Bank of Pakistan, remittances from Saudi Arabia, the United Arab Emirates and other Gulf Cooperation Council (GCC) countries constituted 64.4pc (collectively $8.589 billion) of the total remittances received during the period. In FY14, the same Arab countries contributed 61.5pc, a total amount of $9.738 billion. The entire remittances in FY14 were $15.837 billion.

The State Bank said the remittances from the United States and the United Kingdom also increased by 2.6pc and 2.3pc respectively. Pakistanis from US sent $1.871 billion and $1.670 billion were sent from the United Kingdom.

Per month average of remittances has substantially increased this year. If the monthly average remains $1.480 billion ($1.287 billion in nine months in FY14), the country could accumulate close to $18 billion remittances which would be higher than the foreign exchange reserves of the country.

The foreign exchange reserves of the country are $16.7 billion. The finance minister recently said the reserves could reach $18 billion at the end of this fiscal year.

During March 2015, the inflow of workers’ remittances amounted to $1.576 billion, which is 13.3pc higher than February 2015 and 18pc higher than March 2014.
Remittances up by 15% to $13.3b in 9 months; Arab countries lead with $8.589b | Customs Today Newspaper

 

[Bilal.]

black money goes out and come back in white money via remittance in Pakistan ......laundry work

Is it the same for the $70 billion that india receives in remittances?

 

[Viper0011.]

KARACHI: The overseas Pakistanis have remitted $13.33 billion in first nine months (July-March) of current fiscal year, reflecting a growth of 15 per cent as compared to the remittances of $11.586b recorded during the same period of previous year.

Remittances up by 15% to $13.3b in 9 months; Arab countries lead with $8.589b | Customs Today Newspaper

This will increase gradually. Both India and Pakistan's major product output is skilled labor. India's dominated in IT and overall advanced education. But Pakistan can still get much better even with the lower skilled workers in the ME market, as the country's size and population is less. It'll take less money to turn Pakistan into a high growth and an advanced country, then what it would take India, as its 7 times larger with more than 4 times the population.

There has been serious focus at-least by the Punjab government to produce highly skilled IT workers as there are millions of young men and women with advance degrees in the state, so this strategy will start to pay off in the next 5-7 years and more revenue will flow in, for more educated back office IT and non IT services, like what India does.

The estimates are, by the end of December 2015, Pakistan's foreign currency reserves will cross $ 20 billion. By the end of next year, those reserves will be around $ 25-28 Billion and by the end of 2017, when many large projects start to actually produce (electricity, motorways, hospitals, metros, etc,etc), the savings account will hit estimated around $ 40 billion plus. In ten years, if political stability and religious tolerance remains in place, Pakistan would be in the top 20 economies from a growth standpoint. Pakistanis need to work as a nation and support their country's upwards movement in the world ranks.

black money goes out and come back in white money via remittance in Pakistan ......laundry work

And that doesn't happen in India? Heck, from what I've heard is, money and people BOTH go out white from the US (in shape of legal business needs and costs), and come back to US in shape of people paying their way to get H1 visas, by having fake degrees and just courses done on technology, vs. actually having proper education, which is a requirement for the technical visa. I even tried to hire a few people but when my team did interviews, we literally found out people who interviewed were not the people who showed up to work. That has become very common nowadays in the US. Black money and market exist in India about 200% more than they can ever exist in Pakistan, Malaysia or Turkey due to the size and volume of Indian labor force. So.....how about you talk about that first as its a MUCH bigger black market; before kicking mud on this topic.....

 

[Rajput_Pakistani]

No....Pakistan law allows "no question ask" policy for remittance money which is used to convert black to white money

Do you know even ABC of banking and money laundering?
This is the money coming through banking channels. Do bank dubai allow to open up an account, then ask nothing about source of income, then allow the money to transfer back to Pakistan?
Are you out of your senses or what?
Mind you there are 4.2 million Pakistanis in Gulf, and they sent their money to their families back home.

 

[Bilal.]

No....Pakistan law allows "no question ask" policy for remittance money which is used to convert black to white money

Same as india.

 

[Indus Pakistan]

Ind

This will increase gradually. Both India and Pakistan's major product output is skilled labor. India's dominated in IT and overall advanced education. But Pakistan can still get much better even with the lower skilled workers in the ME market, as the country's size and population is less. It'll take less money to turn Pakistan into a high growth and an advanced country, then what it would take India, as its 7 times larger with more than 4 times the population.

There has been serious focus at-least by the Punjab government to produce highly skilled IT workers as there are millions of young men and women with advance degrees in the state, so this strategy will start to pay off in the next 5-7 years and more revenue will flow in, for more educated back office IT and non IT services, like what India does.

The estimates are, by the end of December 2015, Pakistan's foreign currency reserves will cross $ 20 billion. By the end of next year, those reserves will be around $ 25-28 Billion and by the end of 2017, when many large projects start to actually produce (electricity, motorways, hospitals, metros, etc,etc), the savings account will hit estimated around $ 40 billion plus. In ten years, if political stability and religious tolerance remains in place, Pakistan would be in the top 20 economies from a growth standpoint. Pakistanis need to work as a nation and support their country's upwards movement in the world ranks.



And that doesn't happen in India? Heck, from what I've heard is, money and people BOTH go out white from the US (in shape of legal business needs and costs), and come back to US in shape of people paying their way to get H1 visas, by having fake degrees and just courses done on technology, vs. actually having proper education, which is a requirement for the technical visa. I even tried to hire a few people but when my team did interviews, we literally found out people who interviewed were not the people who showed up to work. That has become very common nowadays in the US. Black money and market exist in India about 200% more than they can ever exist in Pakistan, Malaysia or Turkey due to the size and volume of Indian labor force. So.....how about you talk about that first as its a MUCH bigger black market; before kicking mud on this topic.....

Interesting post. Just one correction; Indian population is SEVEN times Pakistan roughly. India 1,300 mill, Pak 180 mill.

 

[Kabira]

Ind


Interesting post. Just one correction; Indian population is SEVEN times Pakistan roughly. India 1,300 mill, Pak 180 mill.

And 3.5 times bigger country.

 

[khalidzaheen1]

Ind


Interesting post. Just one correction; Indian population is SEVEN times Pakistan roughly. India 1,300 mill, Pak 180 mill.

i think now pak population is 196 million

 

[Kabira]

i think now pak population is 196 million

186 million actually, anyway these are estimates. Wait for next year census.

 

[Indus Pakistan]

Population in our part of the world increases by the day .... I gave rounded out figures for India and Pak. The relative 7:1 ratio still stands.

 

[khalidzaheen1]

pakistan needs to control increase in population at such pace...

 

[Viper0011.]

And 3.5 times bigger country.

You guys are off track now . The point I was making was that it'll take far LESS effort to grow Pakistan, its economics, and people's welfare, than India. The size is much smaller and the population is MUCH smaller. It takes less money to feed a family of four, buy clothes, cars, a smaller house and all (Pakistan), than feeding and advancing a family's welfare including ten people, living in a much bigger house, needing double the amount of cars, and having more overhead (India) than the smaller family.

 

[Indus Pakistan]

You guys are off track now . The point I was making was that it'll take far LESS effort to grow Pakistan, its economics, and people's welfare, than India. The size is much smaller and the population is MUCH smaller. It takes less money to feed a family of four, buy clothes, cars, a smaller house and all (Pakistan), than feeding and advancing a family's welfare including ten people, living in a much bigger house, needing double the amount of cars, and having more overhead (India) than the smaller family.

No. The dynamics underpinning both are same. A family of four all things considered will have less productive manpower then the family of 10 thus what all numbers will even out.

Alpha group has to move five miles. It has 50 members. That means 50 bags.
Bravo group has to move five miles. It has 100 members . That means 100 bags.

It does not now follow that Alpha has advantage because it has only 50 bags to carry. The fact is although Alpha is has lighter load to carry but it has LESS assets to carry that bagge thus the maths evens out everything.

Ditto Pakistan and India.

 

[Faiez]

Do you know even ABC of banking and money laundering?
This is the money coming through banking channels. Do bank dubai allow to open up an account, then ask nothing about source of income, then allow the money to transfer back to Pakistan?
Are you out of your senses or what?
Mind you there are 4.2 million Pakistanis in Gulf, and they sent their money to their families back home.

yes, central banks around the world are not that strict....Pakistan is way too strict compared to other countries.

You can easily wire money back to pakistan, it really is that easy....And pakistan is desperate for dollars, they let it all in without background checks as that would slow down the process...

 

[Viper0011.]

No. The dynamics underpinning both are same. A family of four all things considered will have less productive manpower then the family of 10 thus what all numbers will even out.

Alpha group has to move five miles. It has 50 members. That means 50 bags.
Bravo group has to move five miles. It has 100 members . That means 100 bags.

It does not now follow that Alpha has advantage because it has only 50 bags to carry. The fact is although Alpha is has lighter load to carry but it has LESS assets to carry that bagge thus maths evens out everything.
Ditto Pakistan and India.

Your example has no economic relevance or common sense, I hate to tell you. I am even surprised you decided to write such example.

A small country with smaller population and area, will need lesser schools, lesser hospitals, lesser roads and everything else and lesser revenue to enjoy a better lifestyle, compared to a country 4-5 times larger in area and population. Just think about it. Here are the top richest countries BY population (per Capita). You'll notice, the US, China, the UK, etc, aren't in the top 10 in multiple analysis by the CIA and the World Bank. Its because there are countries much smaller with much less population, which require less money to provide a better lifestyle to its citizens, and these countries are where people are the richest, per capita i.e.. When one country needs to cover a 100 mile area with roads for example, and has 100000 people living there, the schools, businesses, hospitals, overall infrastructure needs will be MUCH less than a country with 10,000 mile area and with 2 million people. Its really common sense to be honest with you. Check out this link below and read for yourself.

List of countries by GDP (PPP) per capita - Wikipedia, the free encyclopedia