Remittances from overseas Pakistanis rose to $7.306 billion during July-April period of the current fiscal year 2009-10, showing an increase of $951.07 million, or 14.96 percent, against $6.355 billion received in the same period of last fiscal year.
The amount of $7.306 million includes $1.02 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs). In April 2010, an amount of $755.77 million was sent home by overseas Pakistanis, up $58.25 million, or 8.35 percent, when compared with $697.52 million received in the same month of last year.
It may be mentioned here that International Fund for Agriculture Development (IFAD), a specialised agency of the United Nations, in its quarterly Financing Facility for Remittances newsletter reported Pakistan as a top nation which has shown the highest growth in the world in remittances despite recent global financial crisis. According to the newsletter, Pakistan is followed by Bangladesh, Mauritius, Swaziland, Guinea-Bissau and Philippines which have also shown strong growth in remittances.
The inflow of remittances in the July-April, 2010 period from UAE, Saudi Arabia, USA, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $1,663.22 million, $1,525.90 million, $1,461.80 million, $1,033.00 million, $734.59 million and $210.22 million respectively as compared to $1,366.79 million, $1,264.07 million, $1,435.65 million, $996.02 million, $467.98 million and $196.53 million respectively in the July-April, 2009 period.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first ten months of the current fiscal year amounted to $676.86 million as against $628.09 million in the same period last year. The monthly average remittances for the July-April 2010 period come to $730.67 million as compared to $635.56 million during the same corresponding period of the last fiscal year, registering an increase of 14.96 percent.
During April 2010, remittances from Saudi Arabia, UAE, USA, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $183.13 million, $165.98 million, $144.09 million, $100.17 million, $73.62 million and $20.65 million respectively as compared to $150.49 million, $156.64 million, $144.18 million, $102.83 million, $61.55 million and $20.86 million in April 2009.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during April 2010 amounted to $68.11 million compared with $60.97 million in the same month last year. It may be pointed out that the State Bank, Ministry of Finance and Ministry of Overseas Pakistanis had undertaken a joint initiative called 'Pakistan Remittance Initiative (PRI)' with a view to facilitating the flow of remittances through formal channels. This initiative has started to materialise and remittances through formal channels are showing considerable growth.
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