Pakistani top Remittances Country by overseas Pakistanis

Pakistani top Remittances Country by overseas Pakistanis

ISLAMABAD: Remittances sent home by overseas Pakistanis continued to show a rising trend as an amount of $7,306.65 million was received in first ten months (July-April) of the current fiscal year 2009-10, showing an increase of $951.07 million or 14.96 percent over the same period of the last fiscal year. The amount of $7,306.65 million includes $1.02 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs), said a statement issued by State Bank of Pakistan Tuesday. The SBP said that in April this year, an amount of $755.77 million was sent home by overseas Pakistanis, up 8.35 percent or $58.25 million, when compared with $697.52 million received in the same month last year. It may be mentioned here that International Fund for Agriculture Development (IFAD), a specialized agency of the United Nations, in its quarterly Financing Facility for Remittances newsletter has 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 comes out 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 last month i.e. 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 materialize and remittances through formal channels are showing considerable growth.