A Pakistani currency dealer counts US dollars at a currency exchange shop. – AFP (File Photo)

KARACHI, Nov 12: Overseas Pakistani workers remitted a historic amount of $1.365 billion in October that was 34 per cent, or $347 million, higher, than the amount remitted during the same period of last year, the State Bank of Pakistan said on Monday.

The Bank said 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 billion.

The remittances received from all countries of the world showed an impressive growth during last month, said the SBP.

Overseas Pakistanis remitted an amount of $4.964 billion in the first four months (July – October) of FY13, showing a growth of 15 per cent or $649 million when compared with $4.315 billion received during the same period of the last fiscal year.

The monthly average remittances for July to October 2012 period comes out to $1.241 billion as compared to $1.078 billion during the corresponding period of the last fiscal year.

The record remittances should support the country’s external accounts as it has to pay back IMF debt that would be over $4 billion in one year time period.

More From This Section

Dar eyes forex reserves at $15bn by end-Sept

Pakistan's forex reserves are currently at $11.67bn after SBP received $2bn on Wednesday through floating of Eurobonds.

Sindh revenue collection jumps by 23pc

Revenue collection in Sindh between July 2013 and March 2014 stood at Rs23.7bn, witnessing an increase of 23 per cent.

Treasury bills losing attraction

Govt failed to mobilise banks for T-bills auction as the bids it received for the auction were less than the set target.

Punjab textile units start downsizing

Several textile units have incurred losses due to short gas supply, long power cuts, appreciating rupee against US$.

Comments are closed.

Comments (18)

November 14, 2012 8:09 am
Remittances just tell one part of story, good remittances doesn’t mean Pakistan economy is in good shape. If external payments (imports: oil and others) and the steep inflation raise could not be checked all is not well for Pakistan. Only better economic policies will help in long term for Pakistanis still in Motherland.
dr shah uk
November 13, 2012 3:32 pm
Shame on the Pakistani govt. that despite these hardworking people saving the country from going bust, the govt. increased the calling rates 10 folds.......what a reward
Aftab Khan
November 14, 2012 7:46 am
overseas Pakistanis was recorded in August, 2011 when they sent home an amount of $1.310 billion.and every month we expatriates send and try to enhance our beloved country economy. But the Govt, waste this money lavishly without any productive output. recent e,g. Free HAJ FOR more then 200 rich MPS+Govt. officials. Will the National Assmbly pass some resolution to give some incentives to these hardworking Expatriates who always help the country more then their Government? Such as some relaxation to bring atleast one car for their own use , as it is allowed to PM+ MP's +Governers to get cars without coustom duty .
November 13, 2012 11:17 am
Pakistan has given us many things above all its name . I am a Senior Engineer in Abu Dhabi and I am working here on Pakistani passport as a Pakistani which is my identity . Did we ever realized what we have give to Pakistan ? I have decided I will send 5% more remittance this month that I have sent in the previous month . Whatever I am capable of doing for my country because I am only Pakistani and nothing else . We are ONE
afzal khan
November 14, 2012 6:07 am
Why is Pakistani government shows every month how much money is coming to the country no other country do that Pakistan should stop showing there remitts it is no good to tell these kind of things.
Khalid Taj - Kuwait
November 14, 2012 5:58 am
Thats great news that Overseas Pakistani are contributing towards Pakistan success but in return what they are getting. Bad treatment at the airports , in effective OPF ministry which has done nothing for the betterment of overseas Pakistanis , no policies to safe guard Overseas Pakistani interest. Request to government of Pakistan and the OPF for God sake please do something for overseas Pakistanis who are the backbone of Pakistan's economy.
November 14, 2012 4:40 am
Why there is so anti-NRP (Non-resident Pakistanis) attitude in Pakistan when these guys are really running the sinking economy. I remember seeing a Youtube vide of Pak minister who was cursing Pakistani Americans. How weird!
November 14, 2012 2:55 am
Dear, I as overseas pakistan respect your concern. but just think pakistan is country do not charge any tax to non residenece to move thier money back home. So practically overseas are not paying any direct tax, so how can we ask more than geniun taxpayers.
November 14, 2012 12:55 am
Just a statistical data comparison with Indian state. Kerala has an annual remittance of $10billion, which is near to 0.8billon monthly (0.5billion away from Pakistan)
November 14, 2012 12:27 am
it istime for govt to do more to facilitate overseas pakistanis
November 13, 2012 2:09 pm
5 years ago i invested 25000$ in national savings, $ was 81 rs. today $ is 96 rs, my 25000$ are now 22000$ in value, this discourges us to invest in Pakistan, atleast my capital should be calm,same.
Syed rizvi
November 13, 2012 11:45 pm
There is tremendous room for significant improvement in overseaspakistanis remittances if government Give incentivesto get more remittances.
November 13, 2012 11:40 pm
I am an overseas Pakistani living in Malaysia....I used to send money to Pakistan for investment reasons, I stopped sending money because of land Mafia's after my investment of 50, 000 USD , a piece of land bought in Karachi in Ahsanabad sector 5 is encroached upon.....My question is : I have the original file with me here then how can someone build or sit on that piece of land that I bought with my hard earned money?????? Believe me if the Government supported or helped us overseas Pakistanis by guaranteeing our investment , I can bet the remittances / month will double or triple .
Saeed Almana
November 13, 2012 11:58 am
Overseas Pakistanis, like me, are not doing any favor to Pakistan by sending money home. We do it out of necessity. High call charges or low charges, does not matter. Yes we can send more money for investments if somehow the law and order situation improves and/or the government announces a good project for investment on profit and loss sharing basis.
November 13, 2012 9:11 am
Main question is that money coming to Pakistan is really of Pakistani workers. People who settled in western hemisphere seldom send money to Pakistan because mostly they are settled there with their families. Gulf countries and other regional countries are giving far less pay then some years before. Competition is tough from south Indian and Bangladeshi workers. It seems that this money which is coming to Pakistan is of corruption money stashed abroad and also some money by our big exporters who are not willing to take all the money through export orders back through legal channels.
November 13, 2012 9:24 am
Good Luck Pakistan
November 13, 2012 1:10 pm
If we improve law and order situation and reduce corruption, I am sure these remittances will increase many folds. I request our corrupt politicians to stop shamelessly looting public money and work for the people of Pakistan. I also request my fellow citizens to think twice before they vote in the next election and go for the honest and patriotic person without looking at his race, color and language.
T khan
November 13, 2012 8:36 am
And what overseas Pakistanis got in return an increase in 500 times tax on their call charges
Explore: Indian elections 2014
Explore: Indian elections 2014
How much do you know about Indian Elections?
How much do you know about Indian Elections?
Front Page