Foreign Remittances hit $10 billion-mark

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KARACHI: The remittances sent home by overseas Pakistanis have crossed $10 billion mark for the first time in the country’s history, the State Bank of Pakistan (SBP) said on Friday.

The overseas Pakistanis remitted $10.09 billion during the 11 months of the current fiscal year, showing an increase of $2.031 billion, or 25.2 percent against $8.064 billion received over the corresponding months last year.

Overseas Pakistanis have remitted over $1 billion for the third consecutive month of this fiscal year.

“They have remitted $1.05 billion, $1 billion and $1.05 million in March, April and May, respectively.”

The remittances sent home by overseas Pakistanis in May were up by 38.52 percent, or $291.93 million, against $757.86 million received in the same month last year.

The overseas Pakistani workers had remitted nearly $8.906 billion in the last fiscal year (2009/10).

The remittances are the major source of stabilising the local currency against the dollar and the federal government during the current fiscal year is now estimating over $11 billion.

The inflow of remittances in July-May from Saudi Arabia, the UAE, United States, GCC countries, including Bahrain, Kuwait, Qatar and Oman, the UK and the European Union countries amounted to $ 2.37 billion, $2.32 billion, $1.86 billion, $1.18 billion, $1.09 billion and $ 320.93 million, respectively against $ 1.71 billion, $ 1.84 billion, $1.60 billion, $ 1.13 billion, $ 793.91 million and $ 229.74 million, respectively in July-May 2010.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the 11 months of the current fiscal year amounted to $926.86 million against $740.96 million in the same period last fiscal year.

The monthly average remittances for July-May period comes out to be $917.85 million against $733.13 million during the corresponding period last year, registering an increase of 25.2 percent, the SBP said.

During May, remittances from Saudi Arabia, the UAE, United States, GCC countries, including Bahrain, Kuwait, Qatar and Oman, the UK and the EU countries amounted to $292.72 million, $236.37 million, $186.15 million, $121.34 million, $102.55 million and $30.16 million, respectively against $192.41 million, $178.96 million, $144.56 million, $99.03 million, $59.32 million and $19.52 million in May 2010.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during May amounted to $80.5 million against $64.06 million during the same month last year.

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Foreign Remittances hit $10 billion-mark

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