Overseas Pakistani workers remitted a historic amount of 1,365.1 million dollars in October, as against 1,017.87 million dollars sent by them in the same month of the last fiscal year (October, 2011) showing a tremendous jump of 347.23 million dollars or 34.11 percent. The previous highest amount remitted in a single month by overseas Pakistanis was recorded in August, 2011 when they sent home an amount of 1,310.47 million dollars, a press release issued by the State Bank of Pakistan (SBP) said here on Monday.
The remittances received from all countries of the world showed an impressive growth during last month. In October 2012, the inflow of remit1tances from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman), and EU countries amounted to 347.52 million dollars, 293.74 million dollars, 217.56 million dollars, 197.18 million dollars, 163.37 million dollars and 37.48 million dollars respectively as compared with the inflow of 291.2 million dollars, 216.5 million dollars, 167.6 million dollars, 117.56 million dollars, 131.54 million dollars and 28.08 million dollars respectively in October, 2011.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the fourth month of current fiscal year (FY 13) amounted to 108.25 million dollars as against 65.39 million dollars received in the same month of last fiscal year (FY 12). Overseas Pakistanis remitted an amount of 4,964.21 million dollars in the first four months (July, October) of the current fiscal year 2012-13 (FY 13), showing a growth of 15.04 percent or 649.14 million dollars when compared with 4,315.07 million dollars received during the same period of the last fiscal year (July- October 2012).
The inflow of remittances in July-October, 2012 from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman), and EU countries amounted to 1,308.61 million dollars, 1,046.83 million dollars, 841.28 million dollars, 697.33 million dollars, 559.51 million dollars and 134.53 million dollars respectively as compared with the inflow of 1,145.38 million dollars, 963.12 million dollars, 795.35 million dollars, 486.92 million dollars, 486.15 million dollars and 129.81 million dollars respectively in July- October 2011.
Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first four months of current fiscal year (July-October FY 13) amounted to 376.12 million dollars as against 308.34 million dollars received in the first four months of last fiscal year (July- October FY 12).
The monthly average remittances for July-October 2012 period comes out to 1,241.05 million dollars as compared to 1,078.77 million dollars during the corresponding period of the 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 (021-111-222-774) with toll free lines, separate website etc.
It may be recalled that in order to provide an ownership structure in Pakistan for remittance facilitation, the Government of Pakistan through SBP, Ministry of Overseas Pakistanis and the Ministry of Finance had launched a joint initiative called Pakistan Remittance Initiative in April 2009. This initiative has been taken to achieve the objective of facilitating and supporting faster, cheaper, convenient and efficient flow of remittances.
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