KARACHI: Remittances sent home by overseas Pakistani workers crossed $13 billion mark for the first time in the country's history during the last fiscal year (2011-12). The expats remitted a record amount of $13.187 billion during the fiscal year that ended on June 30, 2012, showing an impressive growth of 17.73 percent as compared to $ 11.201 billion received during FY11.
Except for the months of September ($890.42 million) and November ($924.92 million), Pakistani workers remitted more than $1 billion in 10 months of the fiscal year. Remittances received from across the world showed a substantial growth during last fiscal year and almost the entire growth was through banking channels.
The inflow of remittances in July-June, 2012 from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and the EU countries amounted to $3.687 billion, $2.849 billion, $2.334 billion, $1.521 billion, $1.495 billion and $364.79 million, respectively as compared with $2.67 billion, $2.598 billion, $2.069 billion, $1.20 billion, $1.306 billion and $354.76 million, respectively in the July-June, 2011 period. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the last fiscal year (2011?12) amounted to $935.36 million against $1.004 billion received in the preceding fiscal year (2010-11).
The monthly average remittances for July-June 2012 period stand at $1.099 billion as compared with $933.41 million during the preceding fiscal year, registering an increase of 17.73 percent.
Overseas Pakistanis also sent home an amount of $1.117 billion in June 2012 when compared with $1.105 billion received in the same month of 2010-11. During last month ie June 2012, remittances from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $333.68 million, $219.14 million, $206.60 million, $128.12 million, $126.72 million and $29.24 million, respectively as compared with $291.55 million, $270.04 million, $204.64 million, $121.35 million, $106.20 million and $33.83 million in June 2011. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries amounted to $73.98 million during June 2012 compared with $76.95 million received in the same month of 2010-11.
The continued impressive 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 (021-111-222-774) with toll-free lines, separate website, etc.
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