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Pakistanis remit $1.36bn in Oct

Published Nov 13, 2012 12:23am

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.