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Pakistan remittances rise to US$12b in 11 months
Publication Date : 12-06-2012
Pakistanis sent over US$12 billion during the last 11 months of the current fiscal year setting a new record while adding $2 billion in its record of last year.
The State Bank of Pakistan (SBP) yesterday reported that overseas Pakistanis remitted an amount of $12.069 billion during July 2011 to May 2012, showing an impressive growth of 19.54 per cent or $1972.69 million when compared with $10.096 billion received during the same period of the last fiscal year.
Remittances received from all countries of the world showed growth during the first 11 months of the current fiscal year, said the SBP.
Monthly average remittances for July-May 2012 period comes out to $1.097 billion as compared to $917 million during the corresponding period of the last fiscal year, registering an increase of 19.54 per cent.
Last month, an amount of $1.192 billion was sent home by overseas Pakistanis, up by 13.56 per cent, compared with $1.049 billion received in the same month of 2011.
Almost all of this growth in remittances during May 2012 over the corresponding period of the last fiscal year was through banking channels, said the SBP.
The SBP said continued impressive 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.
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.