Remittances rise to $1.2bn

Illustration of remittances received—File Photo
Illustration of remittances received—File Photo

KARACHI: Remittances sent home by Pakistani overseas rose 9.89 per cent to $1.205 billion in the first month of 2012/13 fiscal year, compared with the same period last year, the central bank said on Monday.

Remittances received from most countries showed growth during July 2012, according to the State Bank of Pakistan.

The inflow of remittances during July 2012 from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $349.66 million, $240.54 million, $215.30 million, $148.49 million, $140.36 million and $30.83 million, while remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the last month amounted to $79.53 million, SBP said in a statement.

SBP said continued growth in workers’ remittances is the result of efforts made by Pakistan Remittance Initiative (PRI) in collaboration with other stakeholders to facilitate overseas Pakistanis and their families back home.

Remittances from Pakistanis abroad rose 17.73 per cent to $13.186 billion in 2011-12, compared with $11.2 billion the previous year.

Since its inception, PRI has taken a number of steps to enhance 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 an advisory role for the 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 its round-the-clock call centre (021-111-222-774) with toll-free lines and a separate web-site, etc.

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Syed rizvi
Aug 14, 2012 06:23pm
More incentives should be given to overseas pakistanis to remit through officil channels.