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Wednesday, May 19, 2010
| Pakistani top Remittances Country by overseas Pakistanis | |
ISLAMABAD: Remittances sent home by overseas Pakistanis continued to show a rising trend as an amount of $7,306.65 million was receivedin first ten months (July-April) of the current fiscal year 2009-10,showing an increase of $951.07 million or 14.96 percent over the sameperiod of the last fiscal year. The amount of $7,306.65 million includes $1.02 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs), said a statement issued by State Bank of Pakistan Tuesday. The SBP said that in April this year, an amount of $755.77 millionwas sent home by overseas Pakistanis, up 8.35 percent or $58.25million, when compared with $697.52 million received in the same monthlast year. It may be mentioned here that International Fund for AgricultureDevelopment (IFAD), a specialized agency of the United Nations, in itsquarterly Financing Facility for Remittances newsletter has reportedPakistan as a top nation, which has shown the highest growth in theworld in remittances despite recent global financial crisis. According to the newsletter, Pakistan is followed by Bangladesh,Mauritius, Swaziland, Guinea-Bissau and Philippines, which have alsoshown strong growth in remittances. The inflow of remittances in the July-April, 2010 period from UAE,Saudi Arabia, USA, GCC countries (including Bahrain, Kuwait, Qatar andOman), UK and EU countries amounted to $1,663.22 million, $1,525.90million, $1,461.80 million, $1,033.00 million, $734.59 million and$210.22 million respectively as compared to $1,366.79 million,$1,264.07 million, $1,435.65 million, $996.02 million, $467.98 millionand $196.53 million respectively in the July-April, 2009 period. Remittances received from Norway, Switzerland, Australia, Canada,Japan and other countries during the first ten months of the currentfiscal year amounted to $ 676.86 million as against $ 628.09 million inthe same period last year. The monthly average remittances for the July-April 2010 periodcomes out to $730.67 million as compared to $ 635.56 million during thesame corresponding period of the last fiscal year, registering anincrease of 14.96 percent. During last month i.e. April 2010, remittances from Saudi Arabia,UAE, USA, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UKand EU countries amounted to $183.13 million, $165.98 million, $144.09million, $100.17 million, $73.62 million and $20.65 millionrespectively as compared to $150.49 million, $156.64 million, $144.18million, $102.83 million, $61.55 million and $20.86 million in April2009. Remittances received from Norway, Switzerland, Australia, Canada,Japan and other countries during April 2010 amounted to $68.11 millioncompared with $60.97 million in the same month last year. It may be pointed out that the State Bank, Ministry of Finance andMinistry of Overseas Pakistanis had undertaken a joint initiativecalled `Pakistan Remittance Initiative (PRI)' with a view tofacilitating the flow of remittances through formal channels. This initiative has started to materialize and remittances through formal channels are showing considerable growth. | |
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