Workers' remittances cross $12.06 billion mark

For the first time in the history of the country's inflow of home remittances has crossed $12 billion mark, crossing the last fiscal year record inflows of $11.2 billion. According to the State Bank of Pakistan overseas Pakistanis have sent an amount of $12.069 billion in the first eleven months (July 2011 - May 2012) of the current fiscal year 2011-12 (FY12), showing an impressive growth of 19.54 percent or $1.973 billion when compared with $10.096 billion received during the same period of the last fiscal year (July- May 2011).
Remittances received from all countries of the world showed growth during the first eleven months of the current fiscal year. The inflow of remittances during July-May 2012 from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $3,353.32 million, $2,629.72 million, $2,127.87 million, $1,394.38 million, $1,366.88 million and $335.55 million respectively compared with the inflow of $2,378.52 million, $2,327.70 million, $1,864.03 million, $1,093.47 million, $1,184.83 million and $320.93 million respectively in July-May 2011. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first eleven months of the current fiscal year (July-May 2012) amounted to $861.38 million as against $926.86 million received in the first eleven months of the last fiscal year (July- May 2011).
The monthly average remittances for July-May 2012 period comes out to $1,097.19 million as compared to $917.86 million during the corresponding period of the last fiscal year, registering an increase of 19.54 percent. Last month, an amount of $1,192.11 million was sent home by overseas Pakistanis, up by 13.56 percent, compared with $1,049.80 million received in the same month of 2011. Almost all of this growth in remittances during May, 2012 over the corresponding period of the last fiscal year was through banking channels.
In May 2012, the inflow of remittances from Saudi Arabia, UAE, USA, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $365.46 million, $243.46 million, $205.52 million, $140.27 million, $130.71 million and $30.96 million respectively compared with the inflow of $292.72 million, $236.37 million, $186.15 million, $121.34 million, $102.55 million and $30.16 million respectively in May 2011. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during May 2012 amounted to $75.73 million as against $80.50 million received in the same month (May 2011) of the last fiscal year.
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.