KARACHI: Overseas Pakistanis remitted record $1.31 billion in August 2011 as against $933.06 million in same month of last year, showing a tremendous jump of 40.45 per cent, State Bank of Pakistan said on Monday.

The previous highest amount remitted in a single month by overseas Pakistani workers was recorded in June 2011 when they sent home $1.10 billion. This was sixth consecutive month when overseas Pakistani remitted over $1 billion. They had remitted $1.05 billion, $1.03 billion, $1.04 billion, $1.10 billion and 1.09 billion in March, April, May, June and July 2011 respectively.

Remittances received from all countries showed impressive growth. In August 2011, inflow of remittances from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman), and EU countries amounted to $309.79 million, $294.46 million, $263.58 million, $163.90 million, $134.31 million and $42.38 million respectively as compared with inflow of $205.56 million, $212.56 million, $186.82 million, $108.29 million, $108.54 million & $29.14 million respectively in August 2010. Remittances from Norway, Switzerland, Australia, Canada, Japan, other countries in the month under review amounted to $102.05 million as against $82.15 million received in August 2010.

Overseas Pakistani workers remitted $2,406.78 million in first two months (July-August) of 2011-12, showing impressive growth of 39.58 per cent or $682.54 million when compared with $1.724 billion received in same period of last fiscal year.

Inflow of remittances in July-August 2011 from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman), and EU states amounted to $601.62 million, $552.11 million, $458.45 million, $282.45 million, $250.76 million and $74.97 million respectively as compared with $400.50 million, $389.59 million, $330.68 million, $193.86 million, $209.79 million and $52.99 million respectively in July-August 2010.

Remittances from Norway, Switzerland, Australia, Canada, Japan and other countries in first two months of current fiscal year amounted to $186.42 million as against $146.83 million received in the period last fiscal year.

SBP, Ministries of Finance and Overseas Pakistanis had undertaken joint Pakistan Remittance Initiative (PRI) to facilitate flow of remittances through formal channels. It has shown remarkable progress as remittances through formal channels have beaten all previous records.—PPI